During 2024, ABC Corp. had the transactions described below. Prepare journal entries to record these...

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Accounting

During 2024, ABC Corp. had the transactions described below. Prepare journal entries to record these transactions.
a) Purchased raw materials on credit for $150,000.
b) Used raw materials in production of direct and 10% indirect)
c) Incurred factory labor costs of direct and 40% indirect)
d) Incurred factory utilities costs of $20,000 that are immediately paid in cash.
e) Applied overhead at 70% of direct labor costs.
f) Recorded factory depreciation $23,000.
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