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
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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
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