Question

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BE3 Problem #4 (10 minutes) The questions that follow have to do with Job Order Costing and its entries. When the question asks for a JOURNAL ENTRY, it needs to be in the following form (you do NOT need to put the brackets): [Date] [Debit Account(s)] [Amount] [Credit Account(s)] [Amount] [description] If it is not in this form, with all appropriate pieces in the appropriate places, it will be counted incorrect. Question 37 2 pts The storekeeper ordered direct materials for $10,000. He ordered them on 1/2 (January 2),received them on 1/3 and paid for them on 1/4. Make only the first journal entry that is needed in this sequence of events. Edit Insert Format Tools Table 12pt v Paragraph I BI Ų Ay Bv T²v|

Answer 1

Answer 3 The Shopkeeper ordered direct materials on January 1, received the materials on January 2 and paid for them on January when the shopkeeper ordered for materials, there is no need to record Journal because mere ordering is not a financial transaction So, the first Journal entry is on January? which is as follows Jan 2. loro Purchases Alcanena Dr To account Payable Ale looo (Being Material Received on Credit). Jan3. -Dr loooo Accounts Payable To Cash Arc 10000 (Being Amount Paid).

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