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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.
\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.
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