Brief Exercise 16-1 Warner Company purchases $52,900 of raw materials on account

Question

Brief Exercise 16-1

Warner Company purchases $52,900 of raw materials on account, and it incurs $63,400 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.)

Date

Account Titles and Explanation

Debit

Credit

(To record raw materials purchased)

(To record factory labor costs)

Date

Account Titles and Explanation

Debit

Credit

Mar. 31

(To record raw materials purchased)

31

(To record factory labor costs)

Explanation / Answer

Journal entry :

Date account and explanation debit credit mar 31 Raw material inventory 52900 Account payable 52900 (To record raw materials purchased) Mar 31 Factory labour 63400 Wages payable 63400 (To record factory labor costs)

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