Easy Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done $ 35,000 73,000 1,400 66,000 550 X

Easy Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done $ 35,000 73,000 1,400 66,000 550 X

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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Question

Easy Packs manufactures backpacks. Its plant records include the following materials-related data:
(Click the icon to view the transactions.)
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
Journalize the entries to record the transactions.
Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Debit
Credit
Accounts and Explanation
Data table
Raw Materials Inventory, beginning balance
Purchases of canvas, on account
Purchases of sewing machine lubricating oil, on account
Material requisitions:
Canvas
Sewing machine lubricating oil
Print
Done
- X
$ 35,000
73,000
1,400
66,000
550

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