On May 7, Bergan 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 26,900 units for Job 200 at $7 00 per unit and 26,200 units for Job 305 at $12.00 per unit Journalize the entry on May 7 to reqord the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the Chart of Accounts for exact wording of account ttles Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 560 Depreciation Expense-Factory 181 Land 590 Miscellaneous Expense 191 Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the malerials storeroom Refer to the Chart of Accounts for exact wording of account titles PAGE 10 ACCOUNTING EQUATION JOURNAL CREDET ASSETS DEBIT LIABILITIES EQUITY POST. REF DATE DESCRIPTION