Practice Brief Exercise 1 Warner Company purchases $52,900 of raw materials on account, and it...
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Accounting
Practice Brief Exercise 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
Mar. 31
enter an account title to record raw materials purchased
enter a debit amount
enter a credit amount
enter an account title to record raw materials purchased
enter a debit amount
enter a credit amount
(To record raw materials purchased)
31
enter an account title to record factory labor costs
enter a debit amount
enter a credit amount
enter an account title to record factory labor costs
enter a debit amount
enter a credit amount
(To record factory labor costs)
Answer & Explanation
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