Business, 13.07.2021 15:50 caitlynnoc1678

Larned Corporation recorded the following transactions for the just completed month. $81,000 in raw materials were purchased on account. $79,000 in raw materials were used in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials.
Total labor wages of $113,500 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
Depreciation of $198,000 was incurred on factory equipment.

Required:
Record the above transactions in journal entries.

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Answer from: lewisj53

S/n Journal Entries Debit Credit

a Raw materials inventory $81,000

Accounts payable $81,000

b Work in process inventory $70,000

Manufacturing overhead $9,000

Raw materials inventory $79,000

c Work in process inventory $101,000

Manufacturing overhead $12,500

Cash $113,500

d Manufacturing overhead $198,000

Accumulated depreciation-Equipment $198,000

Answer from: Quest

answer; i believe that the correct answer is ( owners investment)

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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Larned Corporation recorded the following transactions for the just completed month. $81,000 in raw...

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