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