Thursday, 10 April 2014

Larned Corporation recorded the following transactions for the just completed month.


Brief Exercise 2-4 Prepare Journal Entries [LO4]
Larned Corporation recorded the following transactions for the just completed month.
 
a.
$76,000 in raw materials were purchased on account.
b.
$74,000 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 $121,000 were incurred. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor.
d.
Additional manufacturing overhead costs of $197,000 were incurred.

Required:
Record the above transactions in journal entries. (Omit the "$" sign in your response.)

 

General Journal
Debit
Credit
a.
  Raw materials
  


        Accounts payable

  




b.
  Work in process
  


  Manufacturing overhead
  


        Raw materials

  




c.
  Work in process
  


  Manufacturing overhead
  


        Wages payable

  




d.
  Manufacturing overhead
  


        Various accounts