Homework $3$ i

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

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

a$.$ Purchased $$80,000$ of raw materials on account.

b$.$ $$78,000$ in raw materials were used in production. Of this amount, $$71,000$ was direct materials and the remainder was indirect materials.

c$.$ Paid employees $$115,000$ cash. Of this amount, $$104,700$ was direct labor and the remainder was indirect labor.

d$.$ Depreciation of $$193,000$ was incurred on factory equipment.

Required:

Record the above transactions in journal entries.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$im $3$

$4$

$$80,000$ in raw materials were purchased on account.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,,,]]$