Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 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 Mar. 31 31 (To record raw materials purchased) (To record factory labor costs) Debit Credit
Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 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 Mar. 31 31 (To record raw materials purchased) (To record factory labor costs) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ivanhoe Company purchases $54,000 of raw materials on account, and it incurs $64,800 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
Mar. 31
31
(To record raw materials purchased)
(To record factory labor costs)
Debit
Credit
27
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