Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2019: July 5 9 11 Received material costing $3,000 from a supplier. The material was purchased on account. Requisitioned $9,000 of material for use in the factory, consisting of $7,500 of direct material and $1,500 of indirect material. Recorded the factory payroll: $20,250 of direct labor and $2,250 of indirect labor. Incurred various overhead costs totaling $21,000. (Credit Accounts Payable.) Applied $30,000 of manufacturing overhead to the products being manufactured. Completed product costing $20,000 and moved it to the warehouse. Sold goods with a product cost of $4,500 on account for $7,500. 26 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 Date Description Debit Credit July 5 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 July 20 July 23 July 26 To record cost of goods sold. July 26 To record sale of product. 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 15,000 Bal. 10,500 Bal. Bal. Bal. Work in Process Inventory 37,500 Cost of Goods Sold 45,000 Bal. Bal. Bal. Bal. Check