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Prepare general journal entries to record the following production activities for Sherman Manufacturing.
a. Purchased $82,000 of raw materials on credit.
b. Used $63,500 of direct materials in production.
c. Used $12,800 of indirect materials.
Interest Rate
The cost of borrowing money or the payment made for the use of money, typically expressed as a percentage of the principal amount annually.
Interest Rate
The percentage at which interest is paid by a borrower for the use of money they borrow from a lender.
Indifferent
A state of having no preference or being neutral between two or more options as they provide the same level of utility or satisfaction.
Prizes
Awards or rewards given for a specific achievement, often used as incentives in competitions or contests.
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