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20 February, 04:07

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.

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  1. 20 February, 04:18
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    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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