Larned Corporation recorded the following transactions for the just completed month. $90,000 in raw materials were purchased on account.
$88,000 in raw materials were used in production. Of this amount, $77,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $115,000 were paid in cash. Of this amount, $104,400 was for direct labor and the remainder was for indirect labor.
Depreciation of $199,000 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.)
No Transaction General Journal Debit Credit
1 a. Raw materialsselected answer correct 90,000selected answer correct not attempted
Accounts payableselected answer correct not attempted 90,000selected answer correct
2 b. Work in processselected answer correct not attempted not attempted
Manufacturing overheadselected answer correct not attempted not attempted
Raw materialsselected answer correct not attempted not attempted
3 c. Work in processselected answer correct not attempted not attempted
Manufacturing overheadselected answer correct not attempted not attempted
Wages payableselected answer incorrect not attempted not attempted
4 d. Manufacturing overheadselected answer correct not attempted not attempted
No journal entry requiredselected answer incorrect not attempted