Question

A manufacturer purchases $163,000 of raw materials on credit. The journal entry to record the purchase of raw materials consists of a: Multiple Choice Debit to Accounts Payable for $163,000; credit to Raw Materials Inventory for $163,000. Debit to Work in Process Inventory for $163,000; credit to Raw Materials Inventory for $163,000. Debit to Work in Process Inventory for $163,000; credit to Accounts Payable for $163,000. Debit to Raw Materials Inventory for $163,000; credit to Accounts Payable for $163,000. Debit to Raw Materials Inventory for $163,000; credit to Cash for $163,000.

Answer 1

The journal entry to enter the information will be C. Debit to Raw Materials Inventory for $163,000; credit to Accounts Payable for $163,000.

What is a journal entry?

It should be noted that a journal entry simply illustrates the debited and credit side of the financial transactions.

Here, the journal entry to enter the information will be to debit to Raw Materials Inventory for $163,000; credit to Accounts Payable for $163,000.

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