Warner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Warner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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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Question
Warner Company purchases $53,600 of raw materials on account, and it incurs $61,000 of
Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Date
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Account Titles and Explanation
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Debit
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Credit
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| Mar. 31 |
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(To record raw materials purchased)
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|||
| 31 |
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(To record factory labor costs)
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