Issuance of Materials On May 7, Jernigan Company purchased on account 660 units of raw materials...
Issuance of Materials
On May 7, Jernigan Company purchased on account 660 units of raw materials at $13 per unit. During May, raw materials were requisitioned for production as follows: 257 units for Job 200 at $11 per unit and 323 units for Job 305 at $13 per unit.
Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank.
| May 7 | |||
Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank.
| May 31 | |||
Homework Answers
| Date | Accounts title | Debit | Credit |
| May-07 | Material inventory [or Raw material inventory] | $8,580 | |
| Accounts Payable | $8,580 | ||
| (to record purchase 660 units x $ 13) | |||
| May-31 | Work in Process Inventory | $7,026 | |
| Material inventory [or Raw material inventory] | $7,026 | ||
| (to record requisition - [257 x 11] + [323*13]) |
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