File Edit View History Bookmarks People Window Help SmartBook xACC 2013 xChapter

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File Edit View History Bookmarks People Window Help SmartBook xACC 2013 xChapter 2 HW ? Oezto.mheducation.com/hm.tpx ps Bookmarks Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued S 10,400 110,000 Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 46,500 For Job 101 35,000 For Job 102 12,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transactionievent, select "No Journ field.) View transaction list 1 Record the purchase on account of raw materials. Record the issuance of raw materials to production. Note:-journal entry has been entered FA FS F6 F7

Explanation / Answer

The journal entries would be:

No. Accounts title Debit Credit Working 1 Raw Material inventory $                           110,000.00 Material a/c is debited. Since its on account, cash is not credited. Accounts payable $             110,000.00 (raw material purchased on account) 2 Work in Process Inventory $                             94,000.00 Raw material issued is transferred to WIP Inventoy account. Raw Material inventory $               94,000.00 (raw material issued to various Jobs)

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