Huron company produces a commercial cleaning compound known as zoom. the direct materials and direct labor standards for one unit of zoom are given below: standard quantity or hours standard price or rate standard cost direct materials 5.5 pounds $ 2.50 per pound $ 13.75 direct labor 0.5 hours $ 6.50 per hour $ 3.25 during the most recent month, the following activity was recorded: a. ten thousand six hundred pounds of material were purchased at a cost of $2.40 per pound. b. the company produced only 1,060 units, using 9,540 pounds of material. (the rest of the material purchased remained in raw materials inventory.) c. six hundred and thirty hours of direct labor time were recorded at a total labor cost of $7,560.

Concrete consulting co. has the following accounts in its ledger: cash; accounts receivable; supplies; office equipment; accounts payable; jason payne, capital; jason payne, drawing; fees earned; rent expense; advertising expense; utilities expense; miscellaneous expense. transactions oct. 1 paid rent for the month, $3,600. 3 paid advertising expense, $1,200. 5 paid cash for supplies, $750. 6 purchased office equipment on account, $8,000. 10 received cash from customers on account, $14,800. 15 paid creditors on account, $7,110. 27 paid cash for miscellaneous expenses, $400. 30 paid telephone bill (utility expense) for the month, $250. 31 fees earned and billed to customers for the month, $33,100. 31 paid electricity bill (utility expense) for the month, $1,050. 31 withdrew cash for personal use, $2,500. journalize the following selected transactions for october 2019 in a two-column journal. refer to the chart of accounts for exact wording of account titles

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As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?