Exercise 3-1 Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production, Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $11,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect labor d. Depreciation of $199,000 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.) qquired: acord the above transactions in journal entries. (if no entry is required for a transaction/event, select "No journal entry required" in e first account field.) Journal entry worksheet 23 $79,000 in raw materials were purchased on account. Note: Enter debits before credifs. Journal entry worksheet $77,000 in raw materiais were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits: Journal entry worksheet Total labor wages of $111,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect labor. Notet enter debits before credits. Journal entry worksheet Depreciation of $199,000 was incurred on factory equipment. Notet Enter debits before credits