factory labor costsOriole Company purchases $44, 000 of raw materials on account, and it incurs $52,800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Debit Credit Mar. 31 (To record raw materials purchased 31. To record factory labor costs)

factory labor costsOriole Company purchases $44, 000 of raw materials on account, and it incurs $52,800 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Debit Credit Mar. 31 (To record raw materials purchased 31. To record factory labor costs)

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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he Whitewater LLP is equally owned by three partners and shows the following balance sheet at the end of the current tax year. Basis FMV Cash $81,000 $81,000 Unrealized receivables 0 27,000 Land 27,000 108,000 $108,000 $216,000 Petula, capital $36,000 $72,000 Prudence, capital 36,000 72,000 Primrose, capital 36,000 72,000 $108,000 $216,000 Partner Petula is an active (i.e., "general") partner retiring from the service-oriented partnership. She receives $81,000 cash, none of which is stated to be for goodwill. a. How much of the payment is for "unstated goodwill"? b. How is the $81,000 allocated between a § 736(a) income payment and a § 736(b) property payment? The $81,000 cash payment is allocated as follows:§ 736(a) income payment: § 736(b) property payment:
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
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