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Magnolia Company makes artificial flowers and reports the following data for the month. (Click the icon to view the data.) Journalize the entries relating to
Magnolia Company makes artificial flowers and reports the following data for the month. (Click the icon to view the data.) Journalize the entries relating to materials and labor. (Record debits first, then credits. Exclude explanations from journal entries.) Begin by journalizing the entry for the purchase of materials on account. Debit Date Accounts Credit Data Table Purchases of materials, on account $ 52,000 Materials requisitions: Next, journalize the entry to record raw materials used in production. Direct materials 41,800 Indirect materials 400 Debit Date Accounts Credit Labor incurred (not yet paid): Direct labor 21,600 Indirect labor 1,830 Print Done Finally, journalize the entry to record the labor incurred in production but not yet paid. Debit Credit Date Accounts
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