Journalize the entry to record the issuance of materials.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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  

Journalize the entry to record the issuance of materials.

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

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