Warner Company purchases 53 600 of raw materials on account and it incurs 61 000 of factory labor costs Journalize the two

Question

Warner Company purchases 53 600 of raw materials on account and it incurs 61 000 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 Mar 31 31 Account Titles and Explanation Raw Materials Inventory Accounts Payable To record raw materials purchased Wages expenses Wages Payable To record factory labor costs Debit 53600 61000 Credit 111 53600 61000

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