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Prepare the required general journal entry to record the following transactions for the O'Harra Company.
a. Used $78,000 of direct labor in the production department.
b. Used $17,000 of indirect labor.
Business Cycle
The fluctuation in economic activity that an economy experiences over a period of time, marked by phases of expansion and contraction.
Mercantilism
An economic theory and practice where government regulation of a nation's economy is used to increase state power at the expense of rival national powers.
Laissez-faire
Laissez-faire is an economic philosophy advocating minimal governmental intervention in the marketplace and the economic activities of individuals and businesses.
Precious Metals
Metals of high economic value, often used as an investment or industrial commodity, including gold, silver, platinum, and palladium.
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