Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials

Question

94 users unlocked this solution today!

Larned Corporation recorded the following transactions for the just completed month. a. $89,000 in raw materials were purchased on account. b. $87,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $124,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Total labor wages of $124,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect fabor. Journal entry worksheet Total labor wages of $124,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits