Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450

Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Accounting for materials

Back Country manufactures backpacks. Its plant records include the following materials-related data:

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.

Raw Materials Inventory, beginning balance
$ 38,000
72,000
Purchases of canvas, on account
Purchases of sewing machine lubricating oil, on account
Materials requisitions:
1,200
Canvas
Sewing machine lubricating oil
59,000
450

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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