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Exercise 3-1 Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. $79,000 in raw materials were purchased on account.

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

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

  1. $79,000 in raw materials were purchased on account.
  2. $77,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials.
  3. Total labor wages of $117,500 were paid in cash. Of this amount, $101,300 was for direct labor and the remainder was for indirect labor.
  4. Depreciation of $196,000 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.)

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