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 Julys Received material costing $4,000 from a supplier. The material was purchased on account Requisitioned $12,000 of material for use in the factory, consisting of $10,000 of direct material and $2,000 of indirect material 11 Recorded the factory payroll: $27,000 of direct labor and $3,000 of indirect labor 17 Incurred various overhead costs totaling $28,000. (Credit Accounts Payable) 20 Applied $40,000 of manulacturing overhead to the products being manufactured, 23 Completed product costing $32,000 and moved it to the warehouse. Sold goods with a product cost of $6,000 on account for $10,000. 26 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 Credit July 5 0 0 0 0 July 9 Work in process inventory 0 D 0 0 0 D July 11 Work in process inventory 0 0 o 0 0 17 0 . 0 0 July 17 0 0 0 0 July 20 0 0 0 0 July 23 0 0 0 0 July 26 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 debitor credit column Materials Inventory Finished Goods Inventory Bal 14,000 0 Bal 20,000 0 0 0 0 Bal 0 Bal. 0 0 0 Work in Process Inventory 50,000 0 Cost of Goods Sold 60,000 Bal Bal. 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 debitor credit column. Materials Inventory Finished Goods Inventory Bal 14,000 Bal. 20,000 0 0 0 Ball 0 Ball 0 0 0 0 Work in Process Inventory 50,000 Cost of Goods Sold 60,000 Bal. Bal. 0 0 0 0 0 0 0 0 Ball 0 0 0 Bal. 0 Please answer all parts of the question. Previous Save Answers