Exercise 5-4 Prepare Journal Entries (L04) Lancaster Company recorded the following transactions for the just completed month: a. $46,000 in raw materials was purchased on account. b. $130,000 in raw materials was requisitioned for use in production of this amount, $74,000 was for direct materials and the remainder was for indirect materials. c. Total labour wages of $218,000 were incurred. Of this amount, $187,500 was for direct labour and the remainder was for indirect labour. d. Additional manufacturing overhead costs of $196,500 were incurred. 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 $46,000 in raw materials was purchased on account. View transaction list 1 $46,000 in raw materials was purchased on account. 2 $130,000 in raw materials was requisitioned for use in production. Of this amount, $74,000 was for direct materials and the remainder was for indirect materials. 3 Total labour wages of $218,000 were incurred. Of this amount, $187,500 was for direct labour and the remainder was for indirect labour. 4 Additional manufacturing overhead costs of $196,500 were incurred. Note : = journal entry has been entered Record entry Clear entry Rrey 1 of 2 TUUUUUWUCHUIS Ws purchased UI dccount. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Prey 1 of 2 Score answer >