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During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.

During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.

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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During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.
Transcribed Image Text:During the current month, a company that uses a job order costing purchases $70,000 in raw materials for cash. It then uses $23,000 of raw materials indirectly as factory supplies and uses $36,500 of raw materials as direct materials. Prepare journal entries to record these three transactions.
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