Uniq Works purchased raw materials amounting to $121,000 on account and $17,000 for cash. The materials...

 

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Uniq Works purchased raw materials amounting to $121,000 on account and $17,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Work-in - Process Inventory Accounts Payable OB. Finished Goods Inventory Accounts Payable OC. Accounts Payable Cash Raw Materials Inventory OD. Raw Materials Inventory Cash Accounts Payable 138,000 138,000 121,000 17,000 138,000 138,000 138,000 138.000 17,000 121,000 Uniq Works purchased raw materials amounting to $121,000 on account and $17,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Work-in - Process Inventory Accounts Payable OB. Finished Goods Inventory Accounts Payable OC. Accounts Payable Cash Raw Materials Inventory OD. Raw Materials Inventory Cash Accounts Payable 138,000 138,000 121,000 17,000 138,000 138,000 138,000 138.000 17,000 121,000

Answer rating: 100% (QA)

Option D is correct Correct entry to record the transaction would be Raw materials inventory 1380... View the full answer