Larned Corporation recorded the following transactions for the just completed mo

Question

Larned Corporation recorded the following transactions for the just completed month a $75,000 in raw materials were purchased on account b.$73,000 in raw materials were requisitioned for use in production. Of this amount, $61,000 was for direct materials and the remainder was for indirect materials c Total labor wages of $106,000 were incurred. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor d Additional manufacturing overhead costs of $199,000 were incurred 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 $75,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Hints References eBook & Resources Hint#1

Explanation / Answer

S.No General Journal Debit Credit 1 Raw Material 75000 Accounts Payable 75000 2 Work in progress 61000 Manufacturing overhead 12000 Raw material 73000 3 Work in progress 104600 Manufacturing overhead 1400 Wages Payable 106000 4 Manufacturing overhead 199000 Accounts payable 199000

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