Reference no: EM131775564
During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $6,100 on account, factory labor $6,560 of which $5,842 relates to factory wages payable and $718 relates to payroll taxes payable, and utilities payable $2,350. During January, time tickets show that the factory labor of $6,560 was used as follows: Job 1 $2,382, Job 2 $1,736, Job 3 $1,636, and general factory use $806.
Prepare a summary journal entry to record factory labor used.
Utilize provided template in attached file
List of Accounts:
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Cash
Cost of Completed Service Contracts
Cost of Goods Sold
Depreciation Expense
Employer Fringe Benefits Payable
Employer Payroll Taxes Payable
Factory Labor
Factory Wages Payable
Finished Goods Inventory
Manufacturing Overhead
Operating Overhead
Prepaid Property Taxes
Raw Materials Inventory
Salaries and Wages Expense
Salaries and Wages Payable
Sales
Service Contracts in Process
Supplies
Utilities Payable
Work in Process Inventory
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