2. During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased raw materials...
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2. During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased raw materials of $18,000 on account. (b) Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and $9,000 relates to payroll taxes payable. (c) Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired and depreciation on the factory building is $9,500. Required: Prepare journal entries for each type of manufacturing cost. [1 mark) 2. During the current month, Barnum Company incurs the following manufacturing costs: (a) Purchased raw materials of $18,000 on account. (b) Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and $9,000 relates to payroll taxes payable. (c) Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,700 have expired and depreciation on the factory building is $9,500. Required: Prepare journal entries for each type of manufacturing cost. [1 mark)
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a Inventory ac dr 18000 To account payable ac 18000 b Wages ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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