Sheridan Company purchases $52,800 of raw materials on account, and it incurs $61,500 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 Mar. 31 31 (To record raw materials purchased) (To record factory labor costs) Debit Credit