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Lily Company purchases $52,900 of raw materials on account, and it incurs $66,000 of factory...

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Accounting

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Lily Company purchases $52,900 of raw materials on account, and it incurs $66,000 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.) Account Titles and Explanation Debit Date Credit Mar 31 (To record raw materials purchased) 31 (To record factory labor costs)

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