Exercise 3-1 Prepare Journal Entries [LO3-1]

Larned Corporation recorded the following transactions for the just completed month.

1. $86,000 in raw materials were purchased on account.
2. $84,000 in raw materials were used in production. Of this amount, $74,000 was for direct materials and the remainder was for indirect materials.
3. Total labor wages of $107,000 were paid in cash. Of this amount, $103,900 was for direct labor and the remainder was for indirect labor.
4. Depreciation of $194,000 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.)

Journal entry worksheet 1 2 3 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Journal entry worksheet 1 2 4 $84,000 in raw materials were used in production. Of this amount, $74,000 was for direct materials and the remainder was for indirect mate rials. Note: Enter debits before credits. General Journal Transaction Debit Credit b. Record entry Clear entry View general journal Journal entry worksheet 2 4 Total labor wages of $107,000 were paid in cash. Of this amount, $103,900 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Depreciation of $194,000 was incurred on factory equipment. Note: Enter debits before credits. General Journal Transaction Debit Credit d. Record entry Clear entry View general journal