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Your friend started working at a candy company, and is in charge of making the journal entries to record transactions in the job-order costing system.
Your friend started working at a candy company, and is in charge of making the journal entries to record transactions in the job-order costing system. Questions 4-8 relate to helping her record the appropriate journal entries. First, in February, she purchased $10,000 of raw materials on account (i.e., on credit) and placed $5,000 of these materials into production. Select the option that corresponds to the journal entries she should record (select one): Raw Materials Inventory increases by $10,000, and Accounts Payable increases by $10,000; Raw Materials Inventory decreases by $5,000, and Manufacturing Overhead increases by $5,000. Raw Materials Inventory increases by $10,000, and Accounts Payable increases by $10,000; Raw Materials Inventory decreases by $5,000, and Work in Process Inventory increases by $5,000. Raw Materials Inventory increases by $10,000, and Accounts Payable increases by $10,000; Raw Materials Inventory increases by $5,000, and Work in Process Inventory increases by $5,000. Raw Materials Inventory increases by $10,000, and Accounts Payable increases by $10,000; Raw Materials Inventory decreases by $5,000, and Finished Goods Inventory increases by $5,000
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