M2-14 (Algo) Preparing Journal Entries [LO 2-S1] Fairfield Company's raw materials inventory transactions for the most recent month are summarized here: Beginning raw materials Purchases of raw materials Raw materials issued Materials requisition 1445 Materials requisition 1446 $ 11,900 113,000 46,000 For Job 101 34,500 For Job 102 Materials requisition 1447 13,000 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 B Record the purchase of raw materials on account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B Record the issuance of raw materials to production. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal