Homework SourseFairfield 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 purchase on account of raw materials.
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 :
| Date | Accounts Titles | Debit $ | Credit $ |
| Material | 100000 | ||
| Accounts Payable | 100000 | ||
| (purchase of material on account) | |||
| Work in process | 74500 | ||
| Manufacturing Overhead | 10500 | ||
| Material | 85000 | ||
| (issue for direct material consumption and indirect consumption) |
