Beginning balance in Work in Process $36,000 (1) Raw materials purchased on account $207,000 (2) Direct materials requisitioned for use in production $161,000 (3) Indirect materials requisitioned for use in production $42,000 (4) Direct labor wages incurred $87,000 (5) Indirect labor wages incurred $101,000 (6) Depreciation recorded on factory equipment $42,000 (7) Additional manufacturing overhead costs incurred $57,000 (8) Manufacturing overhead costs applied to jobs $219,000 (9) Cost of jobs completed and transferred from Work in Process to Finished Goods $403,000

The journal entry for recording depreciation from the above transaction list is as follows: Dr. Depreciation Expense Cr. Accumulated Depreciation

True or False