Packs manufactures backpacks. Its plant records include the following materials-related transactions: (Click the icon to view the transactions.) e the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect materi in by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit record the journal entry for the materials used. Journal Entry Accounts Debit Credit Data table Purchases of canvas (on account) $ 70.000 Purchases of thread (on account) Material requisitions: $ 700 Canvas $ 60,000 Thread $ 500 Print Done post the transactions to the Raw Materials Inventory account. If the company had $37.000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? r the beginning balance of the Raw Materials Inventory T-account on the first line, then post the transactions and calculate the ending balance. (Use transaction descriptions as posting references when posting the transactions to the account.) Raw Materials Inventory
Packs manufactures backpacks. Its plant records include the following materials-related transactions: (Click the icon to view the transactions.) e the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect materi in by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit record the journal entry for the materials used. Journal Entry Accounts Debit Credit Data table Purchases of canvas (on account) $ 70.000 Purchases of thread (on account) Material requisitions: $ 700 Canvas $ 60,000 Thread $ 500 Print Done post the transactions to the Raw Materials Inventory account. If the company had $37.000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? r the beginning balance of the Raw Materials Inventory T-account on the first line, then post the transactions and calculate the ending balance. (Use transaction descriptions as posting references when posting the transactions to the account.) Raw Materials Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:RitePacks manufactures backpacks. Its plant records include the following materials-related transactions:
(Click the icon to view the transactions.)
Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect material.)
Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
Accounts
Debit
Credit
Now record the journal entry for the materials used.
Journal Entry
Accounts
Debit
Credit
Data table
Purchases of canvas (on account)
$
70,000
Purchases of thread (on account).
Material requisitions:
$
700
Canvas
Thread
$
60,000
$
500
Print
Done
☑
Now post the transactions to the Raw Materials Inventory account. If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?
Enter the beginning balance of the Raw Materials Inventory T-account on the first line, then post the transactions and calculate the ending balance. (Use transaction descriptions as posting references when posting the transactions to the account.)
Raw Materials Inventory
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