Question

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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 used in production of this amount. $64.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $121,000 were paid in cash. Of this amount, $101,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment.

Answer 1

	Journal entries
Transaction	General Journal	DEBIT ($)	CREDIT ($)
a	Raw Materials	75,000.00
	Accounts Payable		75,000.00
	(Raw Materials were purchased)
b	Work in process	64,000.00
	Manufacturing overhead	9,000.00
	Raw Materials		73,000.00
	(Being $73,000 in raw materials were requisitioned for use in
	production. Of this amount, $64,000 was for direct materials
	and the remainder was for indirect materials)
c	Work in process	101,700.00
	Manufacturing overhead	19,300.00
	Selling and administrative expenses		121,000.00
	(Being indirect labor wages of $121,000 were incurred. Of this amount,
	$101,700 was for direct labor and the remainder was for indirect labor)
d	Manufacturing overhead	196,000.00
	Accumulated depreciation		196,000.00
	(Being Depreciation of $196,000 was incurred on factory equipment)