You're the accountant at Reacher Manulacturing, a small company that manutactures electronic components for specialty applications. The CFO approaches you a week before fiscal year end, which is December 31, with concerns about not having the cash to pay income taxes at the beginning for next vear because cash has not been managed well. The purchasing department bought some extra raw materials on Nov 15 because they're expecting sales to ramp up in january. The cFo tells you to record the purchases of the raw materials as an expense this year so that less taxes will be due. 1) What is the correct journal entry to record the purchase of raw materials? Debit Raw Material Inventor credit Accounts payable 2) What journal entry would the cfo like for you to make to record the purchase of raw materials? The company can make the journal entry for purchasing raw materials by debiting the rav materials inventory acocunt and crediting the accourts payabie or cash account depending on whether the company purchases raw materials on credit or uging caah. 3) What are the standards on the IMA statement of Ethical Professional Practice that come into play for this decisian? competence, confidentiality, integrity, and credibility. 4) According to the iMA, whst stiould you oo