Exercise $3-1($Algo$)$ Prepare Journal Entries $[$LO$3-1]$

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

a$.$ $$75,000$ in raw materials were purchased on account.

b$.$ $$73,000$ in raw materials were used in production. Of this amount, $$58,000$ was for direct materials and the remainder was for indirect materials.

c$.$ Total labor wages of $$112,000$ were paid in cash. Of this amount, $$104,300$ 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.$)$

Journal entry worksheet

$1,\{\begin{array}{ccc}\text{:}[2,& 3,& 4]\end{array}$

$$75,000$ in raw materials were purchased on account.