Paradise Company manufactures its product through two manufacturing processes: Assembly and Finishing. The company uses a process cost accounting system. Prepare the journal entries for the following transactions using the Chart of Accounts: No. Accounting Transactions Transactions 1. Purchased $93,000 of raw materials on account. 2. Finished goods costing $130,000 were sold for $200,000 cash. Chart of Accounts Assets Liabilities Cash Stockholders' Equity Accounts Payable Common Stock Unearned Revenue Retained Earnings Accounts Receivable Raw Materials Inventory Work in Process Inventory- Assembly Work in Process Inventory- Finishing Factory Labor Factory Wages Payable Notes Payable Employer Payroll Taxes Payable Sales Revenue Cost of Goods Sold Selling Expense Employer Fringe Benefits Payable Supplies Expense Assets Cash Liabilities Stockholders' Equity Accounts Payable Common Stock Accounts Receivable Unearned Revenue Retained Earnings Raw Materials Inventory Factory Wages Payable Sales Revenue Work in Process Inventory- Assembly Work in Process Inventory- Finishing Factory Labor Manufacturing Overhead Employer Payroll Taxes Payable Employer Fringe Benefits Payable Cost of Goods Sold Selling Expense Supplies Expense Taxes Payable Utilities Expense Finished Goods Inventory Interest Payable Depreciation Expense Insurance Expense Notes Payable Supplies Prepaid Insurance Equipment Building Accumulated Depreciation List debit transactions first and then list credit transactions. Use accounts provided in the Chart of Accounts above. Do NOT create your own account. Do NOT use any abbreviations. When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. General Journals Account Titles and Explanation To record purchase of raw materials To record sale of merchandise To record cost of merchandise sold Debit ($) Credit ($)