Question
3. Gear Packs manufactures backpacks. Its plant records include the following materials-related transactio Purchases of canvas (on account) $75,000 Purchases of thread (on account) $1,400
3. Gear Packs manufactures backpacks. Its plant records include the following materials-related transactio
| Purchases of canvas (on account) | $75,000 |
| Purchases of thread (on account) | $1,400 |
| Materials requisitions: | |
| Canvas | $63,000 |
| Thread | $450 |
R1. What journal entries record these transactions?
R2. Post these transactions to the Materials inventory account.
R3. If the company had $35,000 of Materials inventory at the beginning of the period, what is the ending balance of Materials inventory?
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Accounting Information Systems
Authors: Ulric Gelinas, Richard Dull, Patrick Wheeler
10th Edition
113393594X, 9781133935940
