Use lean accounting to prepare journal entries for the following transactions.

1. Purchased $24,300 of raw materials on credit.
2. Applied conversion costs of $69,300.
3. Incurred actual conversion costs of $69,300. Hint: Credit Various Accounts.
4. Sold $138,000 of goods on credit.
5. Recorded cost of goods sold of $108,000.

Journal entry worksheet A B D E Purchased $24,300 of raw materials on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal