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If the Factory Labor Cost for a Month Was $123,000  Factory Payroll 123,000Cash 123,000\begin{array}{llr} \text { Factory Payroll } &123,000\\ \text {Cash } &&123,000\\\end{array}

question 43

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If the factory labor cost for a month was $123,000 (paid in cash),the following journal entry would be recorded by the process cost accounting system:
 Factory Payroll 123,000Cash 123,000\begin{array}{llr} \text { Factory Payroll } &123,000\\ \text {Cash } &&123,000\\\end{array}


Definitions:

Contract

A legally binding agreement between two or more parties that outlines duties, rights, and obligations.

Money

A medium of exchange that is authorized or adopted by a government as part of its currency.

Futures Contract

A binding contract that stipulates the buying or selling of a certain financial instrument or commodity at a price fixed in advance, with the transaction to be executed at a predetermined future time.

Forward Contract

A personalized deal between two parties to exchange an asset at a set price on an agreed future date.

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