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Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during july. table
Journal Entries
Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during july.
tableJuly Received material costing $ from a supplier. The material was purchased on account.Requisitioned $ of material for use in the factory, consisting of $ of direct material and $ of indirect material.Recorded the factory payroll: $ of direct labor and $ of indirect labor.Incurred various overhead costs totaling $Credit Accounts Payable.Applied $ of manufacturing overhead to the products being manufactured.Completed product costing $ and moved it to the warehouse.Sold goods with a product cost of $ on account for $
a and b Record the transactions listed above in general journal form, post relevant portions to the four Taccounts setup below, and balance the four accounts.
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