Gullett Corporation had $30,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $79,000 of raw materials. The journal entry to record the purchase of raw materials would include a: Multiple Choice debit to Raw Materials of $109,000 credit to Raw Materials of $79,000 debit to Raw Materials of $79,000 credit to Raw Materials of $109,000

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Business

Nia Nelson

2 June, 04:02

Gullett Corporation had $30,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $79,000 of raw materials. The journal entry to record the purchase of raw materials would include a: Multiple Choice debit to Raw Materials of $109,000 credit to Raw Materials of $79,000 debit to Raw Materials of $79,000 credit to Raw Materials of $109,000

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Krista Sloan · Answer 1

The journal entry to record the purchase raw material would include a debit to raw material of $79000 and credit to Raw materials of $109000 ...

Explanation:

Since the raw material is coming into the company, we have debit raw material and the opening balance is already there in the books of the business. hence raw materials increases.