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During January, its first month of operations, Crane Company accumulated the following manufacturing costs: raw materials $4,800 on account, factory labor $7,900 of which $5,400
During January, its first month of operations, Crane Company accumulated the following manufacturing costs: raw materials $4,800 on account, factory labor $7,900 of which $5,400 relates to factory wages payable and $2,500 relates to payroll taxes payable, and factory utilities payable $2,700. Prepare separate journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
Jan. 31 | |||
(To record purchase of raw materials on account) | |||
31 | |||
(To record factory labor costs) | |||
31 | |||
(To record entry for utilities payable) |
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