Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were...

Larned Corporation recorded the following transactions for the just completed month.

$78,000 in raw materials were purchased on account.
$76,000 in raw materials were used in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $111,000 were paid in cash. Of this amount, $101,800 was for direct labor and the remainder was for indirect labor.
Depreciation of $194,000 was incurred on factory equipment.

Required:

Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Solutions

Expert Solution

Journal entries

No	General Journal	Debit	Credit
a	Raw material	78000
	Account payable		78000

b	Work in process	67000
	Manufacturing overhead	9000
	Raw material		76000

c	Work in process	101800
	Manufacturing overhead	9200
	Cash		111000

d	Manufacturing overhead	194000
	Accumulated depreciation-equipment		194000

ekkarill92 answered 2 years ago

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