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Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. b. $76,000 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 $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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.)

Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. b. $76,000 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 $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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.)

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...
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Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. b. $76,000 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 $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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 $78,000 in raw materials were purchased on account. Transaction a Note: Enter debits before credits. 3 4 Record entry General Journal Clear entry Debit Credit View general journal >
Transcribed Image Text:Larned Corporation recorded the following transactions for the just completed month. a. $78,000 in raw materials were purchased on account. b. $76,000 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 $112,500 were paid in cash. Of this amount, $100,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $195,000 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 $78,000 in raw materials were purchased on account. Transaction a Note: Enter debits before credits. 3 4 Record entry General Journal Clear entry Debit Credit View general journal >
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