General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Recolvable 126 interest Recelvabio 130 Materials 133 Work in Process 136 Factory Overhead 138 Finished Goods 141 Supples 142 Prepaid insurance 143 Propald Expenses 181 Land 190 Oflce Equipment 191 Accumulated Depreclation-Orice Equipment 192 Machinery 193 Acoumulated Depreciation-Machinery 194 Finctory 195 Accumulated Depreciation-Factory UABILITIES 210 Accounts Payablo 221 Uenties Payablo 231 Notes Payable 236 Interest Payabio 241 Loase Payable 251 Wages Payable EQurTY 311 Common Stock 340 Rolained Eamings 351 Divdends REVENUE 410 Salos 610 Interest Revenuso EXPENSES 510 Cost of Goods Sold 520 Direct Materials Ouantity Variance 521 Direct Materlais Price Variance 522 Direct Labor Tree Variance 523 Direct Labor Rate Variance 530 Wages Expense 531 Selling Expense 532 Insurance Expenso 533 Utities Expense 534 Offico Supplios Expenso 540 Administrative Expense 560 Depreciation Exponso-Orlice Equipment 561 Deprociation Exponso-Machinery 662 Deprociation Expenso-Factory s9o Miscetanoous Expense 710 Intocest Expense Instructions Venneman Company produced 14,000 units that require 3.5 standard pounds per unit at $5.10 standard price per pound. The company actually used 48,500 pounds in production Aequired: Joumalize the May 31 entry to record the standard direct materials used in production. Fefer fo the chart of accounts for the exact wording of the account bites. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for dobit or credit entries. CNOW journals will automatically indent a credit entry when a crodit amount is entered. Joumal mat to