RitePacks manufactures backpacks. Its plant records include the following materi

Question

RitePacks manufactures backpacks. Its plant records include the following materials-related transactions: (Cick the icon to view the transactions.) Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect material.) Data Table (Record debits first, then credits. Exclude explanations from any journal entries.) Credit Purchases of canvas (on account) Purchases of thread (on account) Material requisitions S 70,000 700 $ 60,000 Canvas Thread 500 PrintDone Credit

Explanation / Answer

Note: Purchase of canvas and thread is shown as a single debit since the question does not specify anything regarding the same. They may also be shown separately.

Journal Entry Accounts Debit Credit Raw materials inventory 70700 Accounts payable 70700

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