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In: Accounting

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.

  1. $78,000 in raw materials were purchased on account.
  2. $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.
  3. 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.
  4. 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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