Exercise 3-1 Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $78,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $117,000 were paid in cash. Of this amount, $101,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 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.)

Exercise 3-1 Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $78,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $117,000 were paid in cash. Of this amount, $101,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $193,000 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.)

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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