Uniq Works purchased raw materials amounting to $126,000 on account and $17,000 for cash, for a total purchase of $143,000. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Finished Goods Inventory Accounts Payable OB. Raw Materials Inventory Cash Accounts Payable OC. Work-in-Process Inventory Accounts Payable OD. Accounts Payable Cash Raw Materials Inventory 143,000 143,000 143,000 126,000 17,000 143,000 17,000 126,000 143,000 143,000

Uniq Works purchased raw materials amounting to $126,000 on account and $17,000 for cash, for a total purchase of $143,000. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? OA. Finished Goods Inventory Accounts Payable OB. Raw Materials Inventory Cash Accounts Payable OC. Work-in-Process Inventory Accounts Payable OD. Accounts Payable Cash Raw Materials Inventory 143,000 143,000 143,000 126,000 17,000 143,000 17,000 126,000 143,000 143,000

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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