M2-14 (Algo) Preparing Journal Entries [LO 2-S1] Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: $ 10,800 109,000 Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 Materials requisition 1447 44,000 For Job 101 39,000 For Job 102 13,500 Used on multiple jobs 1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the issuance of raw materials to production. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal