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Exercise 3-1 (Algo) Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. a. Purchased $77,000 of raw materials on account. b. $75,000 in raw materials were used in production. Of this amount, $66,000 was direct materials and the remainder was indirect materials. c. Paid employees $129,000 cash. Of this amount, $103,800 was direct labor and the remainder was indirect labor. d. Depreciation of $199,000 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. Lamed Corporation recorded the following transactions for the just completed month. a. Purchased $77,000 of raw materials on account. b. $75,000 in raw materials were used in production. Of this amount, $66,000 was direct materials and the remainder was indirect materials. c. Paid employees $129,000 cash. Of this amount, $103,800 was direct labor and the remainder was indirect labor. d. Depreciation of $199,000 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 $75,000 in raw materials were used in production. Of this amount, $66,000 was for direct materials and the remainder was for indirect materials. Note: Enter debits before credits. Larned Corporation recorded the following transactions for the just completed month. a. Purchased $77,000 of raw materials on account. b. $75,000 in raw materials were used in production. Of this amount, $66,000 was direct materials and the remainder was indirect materials. c. Paid employees $129,000 cash. Of this amount, $103,800 was direct labor and the remainder was indirect labor. d. Depreciation of $199,000 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 Total labor wages of $129,000 were paid in cash. Of this amount, $103,800 was for direct labor and the remainder was for indirect labor. Note: Enter debits before credits; Larned Corporation recorded the following transactions for the just completed month. a. Purchased $77,000 of raw materials on account. b. $75,000 in raw materials were used in production. Of this amount, $66,000 was direct materials and the remainder was indirect materials. c. Paid employees $129,000 cash. Of this amount, $103,800 was direct labor and the remainder was indirect labor. d. Depreciation of $199,000 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 fleld. Journal entry worksheet Depreciation of $199,000 was incurred on factory equipment. Note: Enter debits before credits

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