Exercise 3-1 Prepare Journal Entries (L03-1) Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $75,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $107.000 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 $89,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet