Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transatcions during July 2016: July 5 - Received material costing $2,000 from a supplier. The material was purchased on account.

July 9 - Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect material.

July 11 - Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor

July 17 - Incurred various overhead costs totalling $14,000. (Credit Accounts Payable)

July 20 - Applied $20,000 of manufacturing overhead to the products being manufactured

July 23 - Completed product costing $16,000 and moved it it to the warehouse

July 26 - Sold goods with a product cost of $3,000 on account for $5,000

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 Debit Credit Date Description 2000 0 July 5 Accounts payable Accounts receivable 0 0 July 9 Work in process inventory July 11 Work in process inventory July 17 July 20 July 23 July 26 To record cost of goods sold. July 26 To record sale of product