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.

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 7,000 Bal 10,000 Bal. Work in Process Inventory Cost of Goods Sold 25,000 30,000 Bal