Business, 12.03.2021 15:20 gd9075

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.)

NoTransactionGeneral JournalDebitCredit
1a. Raw materialsselected answer correct90,000selected answer correctnot attempted
Accounts payableselected answer correctnot attempted90,000selected answer correct
2b. Work in processselected answer correctnot attemptednot attempted
Manufacturing overheadselected answer correctnot attemptednot attempted
Raw materialsselected answer correctnot attemptednot attempted
3c. Work in processselected answer correctnot attemptednot attempted
Manufacturing overheadselected answer correctnot attemptednot attempted
Wages payableselected answer incorrectnot attemptednot attempted
4d. Manufacturing overheadselected answer correctnot attemptednot attempted
No journal entry requiredselected answer incorrectnot attempted

Answers: 2

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Larned Corporation recorded the following transactions for the just completed month. $90,000 in raw...