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XYZ, Inc. began business in January and had the following transactions. Prepare separate journal entries for each transaction noted: Cost of raw materials purchased on
XYZ, Inc. began business in January and had the following transactions. Prepare separate journal entries for each transaction noted: Cost of raw materials purchased on account is $5,000; factory labor was $8,000 ($6,000 direct labor and $2,000 indirect labor); Rent on the factory was $2,500; and utilities payable $650.
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