Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016V a. and b. Record the transactions listed above in general journal form, post relevant portions to the four Taccounts set-up below, and balance the four accounts.

9 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 July 5 Received material casting $1,000 from a supplier. The material was purchased on account Requisitioned $3,000 of material for use in the factory, consisting of $2,500 of direct material and $500 or indirect material 11 Recorded the factory payroll: 56,750 of direct labor and $750 of indirect labor. 17 Incurred various overhead costs totaling $7,000. (Credit Accounts Payable.) 20 Applied $10,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $8,000 and moved it to the warehouse 26 Sald goods with a product cost of $1,500 on account for $2,500 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. General Journal Date Description Debit July 5 Credit 0 O O O 0 July 9 Work in process inventory 0 0 o 0 0 0 July 11 Work in process inventory 0 0 0 0 0 0 0 July 17 0 0 0 July 20 0 0 0 0 July 23 0 0 0 July 26 0 0 0 0 To record cost of goods sold. July 26 0 0 0 0 To record sale of product For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. Materials Inventory 3.500 Finished Goods Inventory 5000 0 Bal 0 Bal. 0 0 0 Bal 0 0 Bal. Goods Work in ocess Inventory 12.500 0 Bal Bal. 15,000 0 0 0 0 0 Bal. 0 0 0 0 Ball 0 0