Instructions Chart of Accounts Journal Instructions On May 7, Borgan Company purchased on account 60,000 units of raw materials at $12.00 per unit. During May, raw materials were requisitioned for production as follows: 24,900 unts for Job 200 at $7.00 per unit and 26,200 units for Job 305 at $12.00 per unit, Joumalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materinis storeroom. Refer to the Chart of Accounts for exact wonding of account nities eBook Show Me How Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES Check My Work eBook Show Me How Chart of Accounts LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable