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18 January, 11:21

1. March 10: 500 units of raw materials were purchased on account at $4.00 per unit.

2. March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production, Job 872.

3. March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879.

Required:

Record the journal entries for the above transactions: Refer to the Chart of Accounts for exact wording of account titles.

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Answers (1)
  1. 18 January, 13:04
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    Following journal entries are recorded for the transactions: Refer to the Chart of Accounts for exact wording of account titles.

    March 10:

    Debt: Raw materials inventory = 2000

    Credit: Accounts Payable (500*4) = 2000

    March 15:

    Debt: Work in Process = 1125

    Credit: Raw materials inventory (250*4.50) = 1125

    March 25:

    Debt: Work in Process = 1075

    Credit: Raw materials inventory (215*5) = 1075
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Home » Business » 1. March 10: 500 units of raw materials were purchased on account at $4.00 per unit. 2. March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production, Job 872. 3.
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