Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 \begin{tabular}{|l|r|} \hline July 5 & Received material costing $1,000 from a supplier. The material was purchased on account. \\ \hline 9 & Requisitioned $3,000 of material for use in the factory, consisting of $2,500 of direct material and $500 of indirect material. \\ \hline 11 & Recorded the factory payroll: $6,750 of direct labor and $750 of indirect labor. \\ \hline 17 & Incurred various overhead costs totaling $7,000. (Credit Accounts Payable.) \\ \hline 20 & Applied $10,000 of manufacturing overhead to the products being manufactured. \\ \hline 23 & Completed product costing $8,000 and moved it to the warehouse. \\ \hline 26 & Sold goods with a product cost of $1,500 on account for $2,500. \\ \hline \end{tabular} a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts. For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Materials Inventory } \\ \hline Bal. & 3,500 & 0 \\ \hline & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Finished Goods Inventory } \\ \hline Bal. & 5000 & 0 \\ \hline & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{2}{|c|}{ Work in Process Inventory } \\ \hline Bal. & 12,500 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Cost of Goods sold } \\ \hline Bal. & 15,000 & 0 \\ & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular} Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016 \begin{tabular}{|l|r|} \hline July 5 & Received material costing $1,000 from a supplier. The material was purchased on account. \\ \hline 9 & Requisitioned $3,000 of material for use in the factory, consisting of $2,500 of direct material and $500 of indirect material. \\ \hline 11 & Recorded the factory payroll: $6,750 of direct labor and $750 of indirect labor. \\ \hline 17 & Incurred various overhead costs totaling $7,000. (Credit Accounts Payable.) \\ \hline 20 & Applied $10,000 of manufacturing overhead to the products being manufactured. \\ \hline 23 & Completed product costing $8,000 and moved it to the warehouse. \\ \hline 26 & Sold goods with a product cost of $1,500 on account for $2,500. \\ \hline \end{tabular} a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts. For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Materials Inventory } \\ \hline Bal. & 3,500 & 0 \\ \hline & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Finished Goods Inventory } \\ \hline Bal. & 5000 & 0 \\ \hline & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|r|r|r|} \hline \multicolumn{2}{|c|}{ Work in Process Inventory } \\ \hline Bal. & 12,500 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|c|} \hline \multicolumn{3}{|c|}{ Cost of Goods sold } \\ \hline Bal. & 15,000 & 0 \\ & 0 & 0 \\ \hline Bal. & 0 & 0 \\ \hline \end{tabular}