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 Received material costing $2,000 from a supplier. The material was purchased on account. Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect 9 mrial. 11 Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor. 17 Incurred various overhead costs totaling $14,000. (Credit Accounts Payable.) 20 Applied $20,000 of manufacturing overhead to the poducts being manufactured. 23 Completed product costing $16,000 and moved it to the warehouse 26 Sold goods with a product cost of $3,000 on account for $5,000 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 Materials inventory 2,000 Accounts payable 2,000 July 9 Work in process inventory 5,000 Manufacturing overhead 1,000 Materials inventory 6,000 July 11 Work in process inventory 13,500 Manufacturing overhead 1,500 Wages payable 15,000 July 17 Manufacturing overhead # 14,000 Accounts payable 14,000 July 20 Manufacturing overhead 20,000 Accounts payable July 23 | Finished goods inventory # 16,000 work in process inventory 16,000 July 26 Cost of goods sold Accounts receivable To record cost of goods sold. July 26 Accounts payable Cost of goods sold 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 Bal. 7,000 2,000 Bal. 9,000 X Work in Process Inventory Bal. 25,000 Bal. Finished Goods Inventory Bal. 10,000 Bal. Cost of Goods Sold Bal. 30,000 Bal