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Record the transactions in journal entries for larned corp

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Reference no: EM132990900

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

  • $80,000 in raw materials were purchased on account.
  • $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.
  • Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.
  • Depreciation of $175,000 was incurred on factory equipment.

Required:

Problem 1: Record the above transactions in journal entries.

Reference no: EM132990900

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