Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor...

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Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Mar. 31 31 (To record raw materials purchased) (To record factory labor costs) Debit Credit 171 Pharoah Company purchases $56,000 of raw materials on account, and it incurs $67,200 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (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 Mar. 31 31 (To record raw materials purchased) (To record factory labor costs) Debit Credit 171

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