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A manufacturers Raw Materials Inventory account appears as follows: Raw Materials Inventory Debit Credit Beginning 25,000 Purchases 100,000 80,000 Direct materials used 15,000 Indirect materials
A manufacturers Raw Materials Inventory account appears as follows:
| Raw Materials Inventory | |||
|---|---|---|---|
| Debit | Credit | ||
| Beginning | 25,000 | ||
| Purchases | 100,000 | ||
| 80,000 | Direct materials used | ||
| 15,000 | Indirect materials used | ||
| Ending | 30,000 | ||
All raw materials purchases are made on credit. Prepare journal entries to record the:
- Purchase of raw materials.
- Direct materials used.
- Indirect materials used.
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IRS Audit Protection And Survival Guide Trucking Industry
Authors: Daniel J. Baran, Gerald F. Bernard, James E. Brown
1st Edition
0471166413, 978-0471166412
