Prepare Journal Entries to Record the Following Transactions

Essay

Prepare journal entries to record the following transactions:
Purchased $38,500 of raw materials on account.
Transferred $22,400 of direct materials and $6,350 of indirect materials into production.
Recorded $5,800 of direct labor and $7,630 of indirect labor.
Paid $3,200 for factory utilities.
Received and paid an advertising bill for $8,000.
Recorded $1,860 of depreciation on the factory equipment.
Manufacturing overhead of $18,500 was applied to production.
Completed product with a total cost of $39,750 and transferred it to the finished goods warehouse.
Closed the under- overapplied manufacturing overhead.The amount was deemed immaterial.
Sold product costing $17,240 for $26,500 on account.