When a manufacturing facility purchases raw materials in cash, what would be the appropriate journal entry to record this transaction in General Journal

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03-06-2021
Business

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When a manufacturing facility purchases raw materials in cash, what would be the appropriate journal entry to record this transaction in General Journal

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tutorAnne tutorAnne · Answer 1 · 2021-06-04T02:42:02+02:00

Answer: Please see explanation column for answers

Explanation:

Raw materials for use can either be purchased by cash or on credit by businesses , Now given that a manufacturing facility purchased its raw materials in cash, The entry to re cord this transaction in the General Journal consists of a debit to the raw materials inventory in order to explain the increase in the expense and a credit to cash to show the decrease in cash as seen below

Journal to record Purchase of raw material inventory

Account Titles and explanation Debit Credit

Raw Materials Inventory XXXX

Cash XXXX