12. Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month,...
12.
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Soledad Corporation had $22,600 of raw materials on hand on December 1. During the month, the Corporation purchased an additional $82,200 of raw materials. The journal entry to record the purchase of raw materials would include a: |
Homework Answers
The entry will include - Debit to raw material inventory $82200 and a credit to cash or accounts payable $82200.
.
Please leave options in comment if the above two answers do not match exactly.
The purchase of raw material will debit raw material because raw material inventory increased. Accounts payable will be credited if purchase is made on account and if purchase is made in cash then cash will be credited.
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12.
Soledad Corporation had $22,600 of raw materials on hand on
December 1. During the month,...
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During June, Briganti Corporation purchased $88,000 of raw materials on credit to add to its raw...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
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Gullett Corporation had $43,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $92,000 of raw materials. The Journal entry to record the purchase of raw materials would include a: Multiple Choice 9.29 debit to Raw Materials of $135,000 debit to Row Materials of $92,000 credit to Raw Materials of $135,000 credit to Raw Materials of $92,000
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During June, Briganti Corporation purchased $85,000 of raw materials on credit to add to its raw materials inventory. A total of $70,000 of raw materials was requisitioned from the storeroom for use in production. These requisitioned raw materials included $10,000 of indirect materials, Required: Prepare journal entries to record the purchase of materials and their use in production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal...
During June, Briganti Corporation purchased $88,000 of raw
materials on credit to add to its raw materials inventory. A total
of $73,000 of raw materials was requisitioned from the storeroom
for use in production. These requisitioned raw materials included
$13,000 of indirect materials.
Required:
Prepare journal entries to record the purchase of materials and
their use in production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
Journal entry worksheet 2...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record...
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