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) |
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