Journal Entries

Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July.

$\backslash$table$[[$July $5,$Received material costing $$5,000$ from a supplier. The material was purchased on account.$],[9,$Requisitioned $$15,000$ of material for use in the factory, consisting of $$12,500$ of direct material and $$2,500$ of indirect material.$],[11,$Recorded the factory payroll: $$33,750$ of direct labor and $$3,750$ of indirect labor.$],[17,$Incurred various overhead costs totaling $$35,000.($Credit Accounts Payable.$)],[20,$Applied $$50,000$ of manufacturing overhead to the products being manufactured.$],[23,$Completed product costing $$40,000$ and moved it to the warehouse.$],[26,$Sold goods with a product cost of $$7,500$ on account for $$12,500.]]$

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.