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 Recelved material costing $3,600 from a supplier. The material was purchased on account. Requisitioned $10,800 of material for use in the factory, consisting of $9,000 of direct material and $1,800 of indirect material. 11 Recorded the factory payroll: $24,300 of direct labor and $2,700 of indirect labor. 17 Incurred various overhead costs totaling $25,200. (Credit Accounts Payable.) 20 Applied $36,000 of manufacturing overhead to the products being manufactured. 23 Completed product costing $28,800 and moved it to the warehouse 26 Sold goods with a product cost of $5,400 on account for $9,000. 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 July9 Work in process inventory July 11 Work in process inventory july 17 General Journal Date Description Debit Credit July 20 July 23 july 26 To record cost of goods sold. July 26 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. 12,600 Bal Work in Process Inventory Bal. 45,000 Bal Finished Goods Inventory Bal 18,000 Bal. Cost of Goods Sold Bal. 54,000 Bal