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23 September, 03:39

Larned Corporation recorded the following transactions for the just completed month. $74,000 in raw materials were purchased on account. $72,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $122,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. Depreciation of $195,000 was incurred on factory equipment.

Required:

Record the above transactions in journal entries.

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  1. 23 September, 03:42
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    General Ledger Debit Credit

    a. Raw Material 74,000

    Accounts Payable 74,000

    b. Work in progress 57,000

    Manufacturing overhead 15,000

    Raw Material 72,000

    c. Work in progress 104,000

    Manufacturing overhead 18,000

    Salaries & Wages Payable 122,000

    d. Manufacturing overhead 195,000

    Accumulated depreciation 195,000
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