Ravsten Company uses a job order costing system. On January $1,$ the beginning of the current year, the company's inventory balances were as follows:Raw materials $ $16,000.$Work in process $$10,000$Finished goods $$30,000$The company applies overhead cost to jobs on the basis of machine$-$hours. For the current year, the company estimated that it would work $36,000$ machine$-$hours and incur $$153,000$ in manufacturing overhead cost. The following transactions were recorded for the year:a$.$ Raw materials were purchased on account: $$200,000.$b$.$ Raw materials were requisitioned for use in production: $$190,000(80\%$ direct and $20\%$ indirect$).$c$.$ The following costs were incurred for employee services:Direct labour $$160,000$Indirect labour. $$27,000$Sales commissions $$36,000$Administrative salaries $ $80,000$d$.$ Heat, power, and water costs were incurred in the factory: $$42,000.$e$.$ Prepaid insurance expired during the year: $$10,000(90\%$ relates to factory operations, and $10\%$ relates to selling and administrativeactivities$).$f$.$ Advertising costs were incurred, $$50,000.$g$.$ Depreciation was recorded for the year: $$60,000(85\%$ relates to factory operations, and $15\%$ relates to selling and administrativeactivities$).$h$.$ Manufacturing overhead cost was applied to i$.$ Goods that production. The company recorded $40,000$ machine$-$hours for the year. cost $$480,000$ to manufacture according to their job cost sheets were transferred to the finished goods warehouse.j$.$ Sales for the year totalled $$700,000$ and were all on account. The total cost to manufacture these goods according to their job cost sheets was $$475,000.$Required:$1.$ Prepare journal entries to record the transactions given above$($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$ Journal entry worksheet$1$Raw materials were purchased on account: $$200,000.$Note: Enter debits before credits.TransactionGeneral JournalCredit