Question

In January, Harlan, Inc. production supervisor requisitioned raw materials for production as follows: Job 1 $700, Job 2 $900, Job 3 $400, and general factory use, $520. Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Answer 1

Answer:

Work in progress inventory A/c Dr $2,000

Manufacturing overhead A/c Dr $520

     To Raw material inventory A/c $2,520

(Being the raw material used is recorded)

Explanation:

The journal entry is shown below:

Work in progress inventory A/c Dr $2,000

Manufacturing overhead A/c Dr $520

     To Raw material inventory A/c $2,520

(Being the raw material used is recorded)

The computations are shown below:

For Work in progress inventory

= Job 1 + Job 2 + Job 3

= $700 + $900 + $400

= $2,000

Raw material inventory

=  Work in progress inventory + manufacturing overhead

= $2,000 + $520

= $2,520

Answer 2

The journal entries to record the raw materials used are given in the image below.

What are journal entries?

Journal Entries are the systematic record of the business transactions which are related to cash or credit. Transactions are named in an accounting journal that presents a company's debit and credit balances.

The journal entry can belong to various recordings, each of which is either a debit or a credit.

Work in progress is debited by the amount of $2,000:

$\text{Work in progress}=\text{Job1+Job2+Job3}\\\\\text{Work in progress}=\ 700+\ 900+\ 400\\\\\text{Work in progress}=\ 2,000.$

Then, raw material inventory would be:

$\ 2,000+\ 520=\ 2,520$

Learn more about journal entries, refer:

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