1. What is the Journal Entry for: August 4,20X5 purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4000 on account. A. Raw Materials Inventory 4,000 Cash 4000 B. Accounts Payable 4000 Raw Materials Inventory 4000 C. Raw Materials Inventory 4000 Accounts Payable. 4000 D. Cash 4000 Raw Materials Inventory 4000 2. How much do you need to DEBIT the work-in-Process account for the following transaction? Aug 8,20X5 - Transferred 60% of the raw materials purchased on August 4 into production:
1. What is the Journal Entry for: August 4,20X5 purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4000 on account. A. Raw Materials Inventory 4,000 Cash 4000 B. Accounts Payable 4000 Raw Materials Inventory 4000 C. Raw Materials Inventory 4000 Accounts Payable. 4000 D. Cash 4000 Raw Materials Inventory 4000 2. How much do you need to DEBIT the work-in-Process account for the following transaction? Aug 8,20X5 - Transferred 60% of the raw materials purchased on August 4 into production:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. What is the
August 4,20X5 purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4000 on account.
A. Raw Materials Inventory 4,000
Cash 4000
B. Accounts Payable 4000
Raw Materials Inventory 4000
C. Raw Materials Inventory 4000
Accounts Payable. 4000
D. Cash 4000
Raw Materials Inventory 4000
2. How much do you need to DEBIT the work-in-Process account for the following transaction?
Aug 8,20X5 - Transferred 60% of the raw materials purchased on August 4 into production:
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