During the current month, Wacholz Company incurs the following manufacturing costs.(a) Purchased raw materials of $ 18,000 on account.(b) Incurred factory labor of $ 40,000. Of that amount, $ 31,000 relates to wages payable and $ 9,000 relates to payroll taxes payable.(c) Factory utilities of $ 3,100 are payable, prepaid factory property taxes of $ 2,700 have expired, and depreciation on the factory building is $ 9,500.Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit(a) (Purchases of raw materials on account) (b) (To record factory labor costs) (c) (To record overhead costs) O Chapter 15 HomeworkO NWP Assessment Player UI Appli xb During the current month, Wach X+A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=a11bf2e5-0b29-4dec-aef9-3fcc594cf009#/question/0Paused+ Chapter 15 HomeworkQuestion 1 of 150/1Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Donot indent manually.)No. Account Titles and ExplanationDebitCredit(a)(Purchases of raw materials on account)(b)(To record factory labor costs)(c)(To record overhead costs)DOD DODD

A journal entry is a means of recording all of a company's individual financial transactions in its…

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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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During the current month, Wacholz Company incurs the following manufacturing costs.

(a)		Purchased raw materials of $ 18,000 on account.
(b)		Incurred factory labor of $ 40,000. Of that amount, $ 31,000 relates to wages payable and $ 9,000 relates to payroll taxes payable.
(c)		Factory utilities of $ 3,100 are payable, prepaid factory property taxes of $ 2,700 have expired, and depreciation on the factory building is $ 9,500.

Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)

	(Purchases of raw materials on account)
(b)


	(To record factory labor costs)
(c)



	(To record overhead costs)