Fairfield Companys raw materials inventory transactions for

Fairfield Company’s raw materials inventory transactions for the most recent month are summarized here:

1. & 2. Prepare the journal entries for materials. (If no entry is required for a transaction/event, select \"No Journal Entry Required\" in the first account field.)

Journal entry worksheet

Record the issuance of raw materials to production.

Note: Enter debits before credits.

Beginning raw materials	$	11,500
Purchases of raw materials		100,000
Raw materials issued
Materials requisition 1445		44,000	For Job 101
Materials requisition 1446		30,500	For Job 102
Materials requisition 1447		10,500	Used on multiple jobs

Solution

Journal entries Transaction General Journal Debit Credit Beginning raw materials No entry required Purchases of raw materials Inventory (Raw material) account            100,000 TO accounts payable account            100,000 (Being material purchased recorded) Raw materials issued Materials requisition 1445 Work in progress (Job 101) 44000 To Raw material account 44000 (Being material issued to job 101 recorded) Materials requisition 1446 Work in progress (Job 102) 30500 To Raw material account 30500 (Being material issued to job 102 recorded) Materials requisition 1447 Overheads account 10500 To Raw material account 10500 (Being material issued to different jobs recorded)