Larned Corporation recorded the following transactions for the just completed month. a. $71,000 in raw materials were purchased on account. b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $113,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 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.) View transaction list Journal entry worksheet < 1 2 $71,000 in raw materials were purchased on account. Transaction 3 4 Note: Enter debits before credits. a. General Journal Debit Credit >
Larned Corporation recorded the following transactions for the just completed month. a. $71,000 in raw materials were purchased on account. b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $113,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 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.) View transaction list Journal entry worksheet < 1 2 $71,000 in raw materials were purchased on account. Transaction 3 4 Note: Enter debits before credits. a. General Journal Debit Credit >
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...
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![Larned Corporation recorded the following transactions for the just completed month.
a. $71,000 in raw materials were purchased on account.
b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $113,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect
labor.
d. Depreciation of $193,000 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.)
View transaction list
Journal entry worksheet
1
2
$71,000 in raw materials were purchased on account.
Transaction
3 4
Note: Enter debits before credits.
a.
General Journal
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87c4b528-d44c-4b04-b3a6-3be6c9cd082d%2Fda1f2379-a4c7-4ebb-92e9-e98c09caa20a%2F0p8g59m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month.
a. $71,000 in raw materials were purchased on account.
b. $69,000 in raw materials were used in production. Of this amount, $56,000 was for direct materials and the remainder was for
indirect materials.
c. Total labor wages of $113,000 were paid in cash. Of this amount, $104,500 was for direct labor and the remainder was for indirect
labor.
d. Depreciation of $193,000 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.)
View transaction list
Journal entry worksheet
1
2
$71,000 in raw materials were purchased on account.
Transaction
3 4
Note: Enter debits before credits.
a.
General Journal
Debit
Credit
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