A manufacturers Raw Materials Inventory account appears as follows. All raw materials purchases are made on credit.
Question:
A manufacturer’s Raw Materials Inventory account appears as follows.
All raw materials purchases are made on credit. Prepare journal entries to record the:
1. Purchase of raw materials.
2. Direct materials used.
3. Indirect materials used.
Transcribed Image Text:
Raw Materials Inventory 25,000 100,000 Beginning Purchases 80,000 Direct materials used 15,000 Indirect materials used Ending 30,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
Solution Transaction Account Title Debit Credit a Raw material inven...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare journal entries to record the following production activities for Hotwax. 1. Incurred direct labor of $125,000 (credit Factory Payroll Payable). 2. Incurred indirect labor of $10,000 (credit...
-
Prepare journal entries to record the following production activities for Hotwax. 1. Requisitioned $9,000 of indirect materials for use in production of surfboard wax. 2. Incurred $156,000 overhead...
-
Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these transactions should be reported in the enterprise funds financial...
-
Consider each of the following situations. Indicate whether (and why or why not) you think that the governement should account for the transactions and resources in an agency fund, a governmental...
-
One kilogram of ammonia in a piston/cylinder at 50C, 1000 kPa is expanded in a reversible isobaric process to 140C. Find the work and heat transfer for this process.
-
Auditors may be liable to third parties for fraud in several ways. Required: a. Identify auditors liability for fraud to third parties. b. Distinguish between fraud and constructive fraud. c. What is...
-
An electron moves in a straight line at a speed of \(6.0 \times 10^{7} \mathrm{~m} / \mathrm{s}\). Calculate the magnitude and direction of the magnetic field at a position \(5.0 \mathrm{~mm}\)...
-
An important task in the audit of the revenue cycle is determining whether a client has appropriately recognized revenue. a. In assessing the risks associated with revenue recognition, the auditor of...
-
11. The current in a metallic conductor is plotted against voltage at two different temperatures T and T2. Which is correct :- Current 2 (1) T Voltage (2) T
-
what are the features detected by modernizr? CSS Reflections i. ii. iii. Web Workers SNIL iv. IndexedDB a. i and ii b. i, ii and iii c. i, ii and iv d. ii, iii and iv
-
At the beginning of the year, Pavelka Companys manager estimated total direct labor cost to be $1,500,000. The manager also estimated the following overhead costs for the year. For the year, the...
-
At the beginning of the year, Learer Companys manager estimated total direct labor cost to be $2,500,000. The manager also estimated the following overhead costs for the year. For the year, the...
-
Summarize the potential impact of heterogeneous oxidation catalysts in chemistry.
-
Describe an example of how formal or informal mediation might be used to facilitate Ottos rights.
-
Describe how you would choose between personal values, organizational values, and your responsibility to the shareholders.
-
Describe how job analysis supports the creation of the job description?
-
Describe the key considerations in the design of products and services within the context of supply chain management and operations management.
-
Describe the process to establish base pay. Explain the incentives that companies use to attract domestic employees. Analyze the approach a company might use to determine base pay considering...
-
Match each type of matrix with all these descriptions that could fit: (i) Can be multiplied by its transpose to make a 1 1 matrix, (ii) Is similar to the 3 3 matrix of all zeros, (iii) Can...
-
Find i 0 (t) for t > 0 in the circuit in Fig. 16.72 . 2 + Vo 1 7.5e-2t u(t) V ( +) 4.5[1 u(t)]V 0.5v. 1H
-
Review Research In Motions income statement in Appendix A and identify its revenues for the years ended February 27, 2010, February 28, 2009, and March 1, 2008. For the year ended February 27, 2010,...
-
Research In Motion, Apple, and Palm compete across the world in several markets. Required 1. Design a three-tier responsibility accounting organizational chart assuming that you have available...
-
This chapter described and used spreadsheets to prepare various managerial reports. You can download from Websites various tutorials showing how spreadsheets are used in managerial accounting and...
-
Compare and contrast some of the contextual factors that might arise for a social worker who is working in a public, governmental organization versus one who works in the same role at a privately...
-
How do respiratory pathogens, including bacteria, viruses, and fungi, evade host immune defenses and disrupt normal respiratory physiology to cause infections such as pneumonia, bronchitis, and...
-
Theresa adds $1,000 to her savings account on the first day of each year. Marcus adds $1,000 to his savings account on the last day of each year. They both earn 6.5 percent annual interest. What is...
Study smarter with the SolutionInn App