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

$$86,000$ in raw materials were purchased on account.

$$84,000$ in raw materials were used in production. Of this amount, $$71,000$ was for direct materials and the remainder was for indirect materials.

Total labor wages of $$113,000$ were paid in cash. Of this amount, $$102,400$ was for direct labor and the remainder was for indirect labor.

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.$)$

Transaction List: $1$$$86,000$ in raw materials were purchased on account.

$2$$$84,000$ in raw materials were used in production. Of this amount, $$71,000$ was for direct materials and the remainder was for indirect materials.

$3$Total labor wages of $$113,000$ were paid in cash. Of this amount, $$102,400$ was for direct labor and the remainder was for indirect labor.

$4$Depreciation of $$190,000$ was incurred on factory equipment.

Answer rating: 100% (QA)

Here are the journal entries for the transactions provided 1 Raw materials purchased on account Acco... View the full answer