During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (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 Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit 177
During January, its first month of operations, Ivanhoe Company accumulated the following manufacturing costs: raw materials purchased $5,800 on account, factory labor incurred $7,300, and factory utilities payable $2,100. Prepare separate journal entries for each type of manufacturing cost. (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 Jan. 31 31 31 (To record purchase of raw materials on account) (To record factory labor costs) (To record entry for utilities payable) Debit Credit 177
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 8P
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