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9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.

9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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BUSINESS b. a debit to Manufacturing Overhead for P3,000. a credit to Manufacturing Overhead for P3,000. d. a debit to Work-in-Process Inventory for P75,000. C.
Transcribed Image Text:BUSINESS b. a debit to Manufacturing Overhead for P3,000. a credit to Manufacturing Overhead for P3,000. d. a debit to Work-in-Process Inventory for P75,000. C.
8. Which of the following statements about materials is false? a. Acquisitions of materials are normally charged to the Purchases account. b. The use of direct materials gives rise to a debit to Work-in-Process Inventory. C. The use of indirect materials gives rise to a debit to Manufacturing Overhead. d. The use of indirect materials gives rise to a credit to Manufacturing Supplies Inventory. 9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.
Transcribed Image Text:8. Which of the following statements about materials is false? a. Acquisitions of materials are normally charged to the Purchases account. b. The use of direct materials gives rise to a debit to Work-in-Process Inventory. C. The use of indirect materials gives rise to a debit to Manufacturing Overhead. d. The use of indirect materials gives rise to a credit to Manufacturing Supplies Inventory. 9. I.J. Millora Corporation recently used P72,000 of direct materials and P3,000 of indirect materials in production activities. The journal entries reflecting these transactions would include: a debit to Raw-Material Inventory for P72,000. a.
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