Prepare journal entries for each type of manufacturing cost.
(a) Raw material purchases of $4,200 on account.
Raw Materials Inventory | 4,200 | |
Accounts Payable | 4,200 |
(b)Incurs factory labor of $18,000. Of that amount, $15,000 relates to wages payable and $3,000 relates to payroll taxes payable.
Factory Labor | 18,000 | |
Factory Wages Payable | 15,000 | |
Employer Payroll Taxes Payable | 3,000 |
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