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horsena [70]
2 years ago
12

During January, its first month of operations, Marigold Company accumulated the following manufacturing costs: raw materials $5,

100 on account, factory labor $7,500 of which $5,800 relates to factory wages payable and $1,700 relates to payroll taxes payable, and factory utilities payable $2,900.
Business
1 answer:
Fiesta28 [93]2 years ago
6 0

Explanation:

The journal entries are as follows

1. Raw material inventory $5,100

         To Account payable $5,100

(Being the raw material is purchased on account)

2. Factory labor $5,100

       To Factory wages payable $1,700

       To Payroll tax payable $2,900

(Being the factory overhead cost is recorded)

3. Manufacturing overhead $2,900

           To Utilities payable $2,900

(Being the overhead cost is recorded)

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