Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Larned Corporation recorded the following transactions for the just completed month. a . $ 7 3 , 0 0 0 in raw materials were purchased

Larned Corporation recorded the following transactions for the just completed month.
a. $73,000 in raw materials were purchased on account.
b. $71,000 in raw materials were used in production. Of this amount, $59,000 was for direct materials and the remainder was for indirect materials.
c. Total labor wages of $119,500 were paid in cash. Of this amount, $104,600 was for direct labor and the remainder was for indirec labor.
d. Depreciation of $192,000 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 the first account field.)
\table[[,No,Transaction,General Journal,Debit,Credit],[i,1,a.,Raw materials,73,000,],[i,2,b.,No journal entry required,,],[,,,59,000,],[i,3,c.,Cash,,119,500],[,,Accounts payable,104,600,],[4,,Depreciation expense,192000,],[,,,Depreciation expense,,]]
Prev
1 of 12
Next
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra C. Jeter, Paul Chaney

5th Edition

978-1118098615

Students also viewed these Accounting questions