Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $24,500 of raw materials on credit. 2. Applied conversion costs of $69,500. 3. Incurred actual convrsion costs of $69,500. Credit "Various Accounts." 4. Sold $140,000 of goods on credit. 5. Recorded cost of goods sold of $110,000. Journal entry worksheet Purchased $24,500 of raw materials on credit. Note: Enter debits before credits