Prepare the entries the business should make

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Question 1: A business assigns $5,000 of direct labor to Job 109 on 8/15/20 (you should credit the cash account since the wages are paid) and applies factory overhead to Job 109 (200% of direct labor cost) on 8/17/20. Prepare the entries the business should make and discuss the effect (if any) that these transactions have on the assets, liabilities, & equity of the business (be sure to write the date next to each entry).

Reference no: EM132658488

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