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During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit 177

During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit 177

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Payroll Liabilities Prepaid Insurance Prepaid Property Taxes Property Tax Payable Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process inventory
During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit
Transcribed Image Text:During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit
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