During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor incurred $7,300, and factory utilities payable $2,600. 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.)
During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor incurred $7,300, and factory utilities payable $2,600. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,400 on account, factory labor incurred $7,300, and factory utilities payable $2,600.
Prepare separate
Transcribed Image Text:Date
Account Titles and Explanation
Debit
Credit
Jan. 31
(To record purchase of raw materials on account)
31
(To record factory labor costs)
31
(To record entry for utilities payable)
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