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BaLLatris [955]
3 years ago
10

During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,500 on ac

count. (b) Incurred factory labor of $39,900. Of that amount, $30,800 relates to wages payable and $9,100 relates to payroll taxes payable. (c) Factory utilities of $3,500 are payable, prepaid factory property taxes of $2,770 have expired, and depreciation on the factory building is $9,900.
Business
1 answer:
scoundrel [369]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

a. Raw material inventory $17,500

        To Account payable $17,500

(Being raw material inventory purchased on account)

b. Factory labor $39,900

       To Factory wages payable $30,800

       To Employer payroll tax payable $9,100

(Being factory labor is recorded)

c.  Factory Overhead $16,170

        To Factory Utilities payable $3,500

         To Prepaid Factory property taxes $2,770

        To Accumulated Depreciation $9,900

(Being Manufacturing costs is recorded)  

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Another variant of above formula is also being used on prominent basis.

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