Journalize the entry to record the issuance of materials.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Entry for Issuing Materials
Materials issued for the current month are as follows:
Requisition No. | Material | Job No. | Amount | |
201 | Aluminum | 500 | $85,480 | |
202 | Plastic | 503 | 27,460 | |
203 | Rubber | 504 | 3,520 | |
204 | Glue | Indirect | 2,280 | |
205 | Steel | 510 | 36,420 |
For a compound transaction, if an amount box does not require an entry, leave it blank.
fill in the blank 2 | fill in the blank 3 | ||
fill in the blank 5 | fill in the blank 6 | ||
fill in the blank 8 | fill in the blank 9 |
Expert Solution
Step 1- Process
Whenever Materials is Received then Materials Account is Debited and if its Purchased on cash then Cash Account will be Credited and if its Purchased on Credit then Accounts Payable Account will be Credited.
So if the Materials is issued , if its directly for the Purpose of the job then Work in Process will be Debited and if the Materials issued is not directly related to job then factory overhead need to be debited
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education