Question 5 ABC Products manufactures office furniture. The following transactions occurred in August: Purchased AED 40,000 of materials on account. 2. Issued AED 2,500 of supplies from the materials inventory 3 Purchased AED 45,000 of materials cash. 4. Paid for the materials purchased in transaction (1). 5. Issued AED 50,000 in direct materials to the production department. 6. Paid direct labor costs of AED 85,000. 7. Paid AED 32,000 for utilities, power, and equipment maintenance. 8 Applied overhead on the basis of machine hours at a predetermined overhead rate of AED 30 per machine-hour. In August, the total machine hours were 5,000 9. Recognized depreciation on manufacturing property, plant, and equipment of AED 15,000 Required Prepare journal entries to record the above selected transactions of ABC (10 Marks)