Ask Question
30 June, 20:45

Gullett Corporation had $46,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $95,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

+2
Answers (1)
  1. 30 June, 21:22
    0
    A debit to raw material of $95,000

    Explanation:

    Raw material inventory is an asset, due to debit nature of this account an addition in the raw material will require a debit entry in this account and credit to cash / account payable.

    The journal entry for purchase of raw material is as follow

    General Ledger Dr. Cr.

    Raw Material Inventory $95,000

    Cash / Account Payable $95,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Gullett Corporation had $46,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $95,000 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers