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Example: On June 1, a Heath Company purchased inventory from a supplier on account for $20,000. Credit Date June 1 Account Titles Raw Materials Inventory
Example: On June 1, a Heath Company purchased inventory from a supplier on account for $20,000. Credit Date June 1 Account Titles Raw Materials Inventory Accounts Payable Debit 20,000 20,000 On June 10, Heath Company transferred $20,000 of raw materials to the factory. $8,000 of the raw materials was direct and $12,000 of the raw materials was indirect. Date Account Titles Debit Credit On June 30, Heath Company paid the President of the company her monthly salary of $25,000. Date Account Titles Debit Credit On June 30, Heath Company applied overhead of $5,000 to completed jobs. Date Account Titles Debit Credit
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