Fairfield Company’s raw materials inventory transactions for the most recent mon

Question

Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here:

1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet

Record the issuance of raw materials to production.

Note: Enter debits before credits.

Beginning raw materials $ 11,500 Purchases of raw materials 100,000 Raw materials issued Materials requisition 1445 44,000 For Job 101 Materials requisition 1446 30,500 For Job 102 Materials requisition 1447 10,500 Used on multiple jobs

Explanation / Answer

Journal entries Transaction General Journal Debit Credit Beginning raw materials No entry required Purchases of raw materials Inventory (Raw material) account            100,000 TO accounts payable account            100,000 (Being material purchased recorded) Raw materials issued Materials requisition 1445 Work in progress (Job 101) 44000 To Raw material account 44000 (Being material issued to job 101 recorded) Materials requisition 1446 Work in progress (Job 102) 30500 To Raw material account 30500 (Being material issued to job 102 recorded) Materials requisition 1447 Overheads account 10500 To Raw material account 10500 (Being material issued to different jobs recorded)

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