Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials...

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

a. $75,000 in raw materials were purchased on account.

b. $73,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.

c. Total labor wages of $120,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor.

d. Depreciation of $198,000 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.)

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Expert Solution

Ans:


S.No	Account Title and Explanation	Debit $	Credit $
a	Raw materials	75,000
	Accounts payable		75,000
	( To Record purchase of Raw material on account)

b	Work in process	62,000
	Manufacturing overhead	11,000
	Raw materials		73,000
	( To Record issue of Raw material to production)

c	Work in process	102,600
	Manufacturing overhead	17,400
	Cash(wages)		120,000
	( To Record wages payment in cash)

d	Manufacturing overhead	198,000
	Accumulated depreciation		198,000
	( To Record Depreciation on equipment)

Hope This Helped ! Let Me Know In Case of Any Queries.

ekkarill92 answered 1 year ago

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