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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

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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