nect htm E Apps For quick access place your bookmarks here o

nect htm E: Apps For quick access, place your bookmarks here on the bookmarks bar. import bookmarks Chapter 3 Homework Assignment Help Save & Exit Subn Check my work 1 Exercise 3-1 Prepare Journal Entries [LO3-1) Larned Corporation recorded the following transactions for the just completed month a. $73,000 in raw materials were purchased on account 2.14 points b. $71,000 in raw materials were used in production. Of this amount, $57.000 was for direct materials and the remainder was for indirect materials. c Total labor wages of $122.000 were paid in cash. Of this amount, $101,900 was for direct labor and the remainder was for Indirect labor. d. Depreciation of $191,000 was incurred on factory equipment Print References Required Record the above transactions in journal entries. (f no entry is required for a transaction/event, select \"No journal entry the first account field.) Journal entry worksheet $73.000 in raw materials were ourchased on account Prev 1of 7 Next > MacBog

Solution

Transaction General Journal Debit Credit a. Raw materials $73,000 Accounts payable $73,000 b. Work in process $57,000 Manufacturing overhead $14,000 Raw materials $71,000 c. Work in process $101,900 Manufacturing overhead $20,100 Wages payable $122,000 d. Manufacturing overhead $191,000 Various accounts $191,000