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 5 9 17 Received material costing $6,000 from a supplier. The material was purchased on account. Requisitioned $18,000 of material for use in the factory, consisting of $15,000 of direct material and $3,000 of indirect material. Recorded the factory payroll: $40,500 of direct labor and $4,500 of indirect labor. Incurred various overhead costs totaling $42,000. (Credit Accounts Payable.) Applied $60,000 of manufacturing overhead to the products being manufactured. Completed product costing $48,000 and moved it to the warehouse. Sold goods with a product cost of $9,000 on account for $15,000. 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. Credit Debit 6000 6000 15000 3000 0 40500 4500 18000 45000 42000 General Journal Date Description July 5 Materials inventory Accounts payable July 9 Work in process inventory Manufacturing overhead Materials inventory July 11 Work in process inventory Manufacturing overhead Wages payable July 17 Manufacturing overhead Accounts payable July 20 Work in process inventory Manufacturing overhead July 23 Finished goods inventory Work in process inventory July 26 Cost of goods sold Finished goods inventory To record cost of goods sold. July 26 Accounts receivable Sales To record sale of product. 42000 60000 60000 48000 48000 9000 0 9000 15000 15000 60000 60000 48000 48000 9000 July 20 Work in process inventory Manufacturing overhead July 23 Finished goods inventory Work in process inventory July 26 Cost of goods sold Finished goods inventory To record cost of goods sold. July 26 Accounts receivable Sales To record sale of product. 9000 15000 15000 For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. Materials Inventory Finished Goods Inventory Bal. 21,000 Bal. 30,000 Bal. Bal. Work in Process Inventory 75,000 Cost of Goods Sold 90,000 Bal. Bal. Bal