Fairfield Company’s raw materials inventory transactions for the most recent mon

Question

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

Explanation / Answer

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)

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