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Yoho Manufacturing Inc. had the following transactions during May. Prepare the journal entries to record...

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Accounting

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Yoho Manufacturing Inc. had the following transactions during May. Prepare the journal entries to record these transactions (10 points). May. 5 Received materials costing 18,000. $8,000 was paid in cash and the rest on account. Debit Credit May. 7 Requisitioned $7,700 of materials for production, $7,000 was used as direct materials and the rest as indirect materials. Debit Credit May. 10 Recorded the payroll: $15,000 of direct labor and $2,000 of indirect labor. Debit Credit May. 13 Received factory property tax bill in the amount of $2,500. Debit Credit May. 17 Completed products costing $17,000 and transferred them to the warehouse. Debit Credit May 20 Applied $13,300 of manufacturing overhead to the products being manufactured. Debit Credit May. 23 Products costing $4,400 sold for $8,000 $3,000 were received in cash and the rest on account. Debit Credit

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