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usiness urse Menu Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The fol Paulson's transactions during July 2016 owing are July 5 Recelved material costing $3,000from a supplier. The material was purchased on account 9 Requisitioned $9,000 11 Recorded the factory payroll: $20,250 of direct labor and $2.250 of Indirect labor. 17 Incurred various overhead costs totaling $21,000. (Credit Accounts Payable.) 20 Applied $30,000 of manufacturing overhead to the products being manufactured 23 Completed product costing $24,000 and moved it to the warehouse. 26 Sold goods with a product cost of $4,500 on account for $7,500 of material for use in the factory,consisting of $7,500 of direct material and $1,500 of indirect material. a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T-accounts set-up below, and balance the four accounts. General Journal Date Description Debit Credit July 5 july 9 Work in process inventory July 11 Work in process inventory