Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $88,000. b. Direct materials used in production, $39,000. Indirect materials used in production, $17.800. c. Paid cash for factory payroll, $55,000. Of this total, $39,000 is for direct labor and $16,000 is for indirect labor d. Paid cash for other actual overhead costs, $7,500. e. Applied overhead at the rate of 120% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $60,600. g. Sold jobs on account for $86,500. The jobs had a cost of $60,600. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record raw materials purchased on account. Note: Enter debits before credits Transaction General Journal Debit Credit a