Question

Raw Materials Inventory, beginning to balance $36,000

Purchases of canvas, on account 72,000

Purchases of sewing machine lubricating oil, on account 1,400

Material requisitions:

Canvas 64,000

Sewing machine lubricating oil 300

Journalize the entries to record the transactions, post to the Raw Materials Inventory? Account, and determine the ending balance in Raw Materials Inventory.

Journalize the entries to record the transactions.

Begin by recording the journal entry for the purchases of materials. ? (Record debits? first, then credits. Exclude explanations from any journal entries.)

Post these transactions to the Raw Materials Inventory account and determine the ending balance in Raw Materials Inventory. Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Answer:

1. Journal Entry                        Debit        Credit

  Raw materials inventory      $73,400

   ($72,000 + $1,400)

          Accounts payable                          $73,400

   (Being raw materials purchase on credit)

2. Journal Entry                        Debit        Credit

  Work in process                      $64,300

   ($64,000 + $300)

        Raw materials inventory                    $64,300

                   Raw Material Inventory Account

Beginning balance    $36,000  |  Work in process $64,300

Purchase                    $73,400  |                                          

                                                   | Ending balance    $45,100

                                                   |  ($36,000 + $73,400 - $64,300)