Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January...
Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Homework Answers
Preparing Journal Entries:-
Alaska Corporation
General Journal
January,2019
| Date | Accounts Title | Debit | Credit |
|---|---|---|---|
| January 2 | Raw Materials Inventory (6,600lb ×$7.50) | $49,500 | |
| Accounts Payable | $49,500 | ||
| January 15 | Work in Progress (2,350 lb ×$7.50) | $17,625 | |
| Raw Materials Inventory | $17,625 | ||
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