Swed Chapter 3 Homework - GRADED Exercise 3-1 (Algo) Prepare Journal Entries (LO3-1) 1 Larned Corporation recorded the following transactions for the just completed month. 2 points a $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production of this amount, $70,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $114,500 were paid in cash. Of this amount, $103,800 was for direct tabor and the remainder was for Indirect labor d. Depreciation of $198,000 was incurred on factory equipment Pre 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.) View transaction ist Journal entry worksheet 1 $79,000 in raw materials were purchased on account. Note Enter debit before credits Transaction General Journal Credit Debit 79,000 Accounts payable 79.000