Question

In: Accounting

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.)

Solutions

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 2 years ago
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