Answered: All raw materials purchases are made on…

All raw materials purchases are made on credit. Prepare journal entries to record the: 1. Purchase of raw materials. 2. Direct materials used. 3. Indirect materials used.

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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TASKS Prepared supporting documents for Requested Materials to Purchase such as: (1) Purchase Request (PR), (2) Request for Quotation (RFQ), (3) Abstract for Quotation (AFQ), (4) Purchase Order (PO), & (5) Inspection and Acceptance Report (IAR). Prepared additional attachments such as: (1) Report of Waste Materials, (2) Request for pre-repair inspection and evaluation report. Issued Materials at the Warehouse (there are thousands of inventories) Posting of Purchase Requests to the Philippine Government Electronic Procurement System (PhilGEPS). (there are too many steps and details to keep in mind) Prepared Certificate of Creditable Tax Withheld at Source Updated the Summary of Withholding Taxes (SAWT) in the BIR System. Updated the Monthly Alphalist of Payees (MAP) and Quarterly Alphalist of Payees (QAP) in the BIR System. Remitted Creditable Withholding Tax (CWT) to the BIR via online.. Updated Bin Cards Updated Stock Cards. Reconciled the individual records of Inventories in the Bin…
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What journal entry is recorded when a material manager recieves a materials requisiton andthen issues materials (both direct and indirect) for use in the factory?
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Please help me with all answers thanku
Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
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