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Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the...

Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a: Multiple Choice debit to Raw Materials of $101,000 credit to Raw Materials of $75,000 debit to Raw Materials of $75,000 credit to Raw Materials of $101,000

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Answer #1
The question is based on the rule of accounting entries.
Raw Material is part of inventory which is asset.
As per rule of accounting entries,
When assets are increased it is debited and decreased , it is credited.
Further, journal entries are made for the amount with which purchase is made.Beginning inventory is not included for the purchase of materials.
So, purchase of $ 75,000 of raw materials would include:
debit to Raw Materials of $75,000
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