During January, its first month of operations, Sheridan Company accumulated the following manufacturing costs: raw materials purchased $5,200 on account, factory labor incurred $6,600, and factory utilities payable $2,400. 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) eTextbook and Media Debit Credit [[ ]]

During January, its first month of operations, Sheridan Company accumulated the following manufacturing costs: raw materials purchased $5,200 on account, factory labor incurred $6,600, and factory utilities payable $2,400. 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) eTextbook and Media Debit Credit [[ ]]

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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