Fairfield Company\'s raw materials inventory transactions for the most recent mo

Question

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 $ 10,000 107,000 Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 42,500 For Job 101 33.000 For Job 102 10,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction event, select "No Journal B Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Raw Materials Inventory Accounts Payable 107,000 107,000 Work in Process Inventory Manufacturing Overhead 75,500 Raw Materials Inventory

Explanation / Answer

JOURNAL ENTRIES :

Date accounts & explanation debit credit Raw material inventory 107000 Account payable 107000 (To record purchase of raw material) Work in process-Job 101 42500 Work in process-Job 102 33000 Manufacturing overhead 10500 Raw material inventory 86000 (To record transfer of raw material)

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