Prepare the Journal Entry for Materials and Labor, Based on the Following:​Raw

question 171

Essay

Prepare the journal entry for materials and labor, based on the following:​Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision

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Definitions:

Credit Side

The right side of a financial ledger, where increases in liabilities, equity, and revenue, and decreases in assets and expenses are recorded.

Chart Of Accounts

A numbering system of accounts that lists the account titles and account numbers to be used by a company.

Account Balance

The difference between the debits and credits recorded in an account, representing the net value at a point in time.

Compound Entry

In accounting, it refers to a journal entry that involves more than two accounts whereby multiple debits and/or credits are made.