Question: A corporation had $ 2 9 , 0 0 0 of raw materials on hand on January 1 . During the month, the corporation purchased

A corporation had $29,000 of raw materials on hand on January 1. During the month, the corporation purchased an additional $78,000 of raw materials. The journal entry to record the purchase of raw materials would include a:
Multiple Choice
debit to Raw Materials of $107,000
credit to Raw Materials of $78,000
debit to Raw Materials of $78,000
credit to Raw Materials of $107,000

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