Larned Corporation recorded the following transactions for the just completed month. a. Purchased $87,000 of raw materials on account. b. $85,000 in raw materials were used in production. Of this amount, $75,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $100,800 was direct labor and the remainder was indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.

Larned Corporation recorded the following transactions for the just completed month. a. Purchased $87,000 of raw materials on account. b. $85,000 in raw materials were used in production. Of this amount, $75,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $100,800 was direct labor and the remainder was indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Larned Corporation recorded the following transactions for the just completed month. $75,000 in raw materials were purchased on account. $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. Total labor wages of $125,000 were paid in cash. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor. Depreciation of $197,000 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.)
Larned Corporation recorded the following transactions for the just completed month. Purchased $89,000 of raw materials on account. $87,000 in raw materials were used in production. Of this amount, $74, 000 was direct materials and the remainder was indirect materials. Paid employees $127,500 cash. Of this amount, $104, 400 was direct labor and the remainder was indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in journal entries.
a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 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.) View transaction list Journal entry worksheet 1 2 3 4 $82,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit
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Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 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.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journal
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