when the company purchases rawmaterials for $60,000 on account,the entry should include: *A debit to Raw Materials InventoryO $60,000 and a credit to AccountsPayable $60,000A debit to Raw Material InventoryO $60,000 and a credit to Cash$60,000A debit to Direct Material $60,000and a credit to Accounts Payable$60,000None of the above 64% O 11:55when the company purchases rawmaterials for $60,000 on account,the entry should include: *A debit to Raw Materials Inventory$60,000 and a credit to AccountsPayable $60,000A debit to Raw Material Inventory$60,000 and a credit to Cash$60,000A debit to Direct Material $60,000and a credit to Accounts Payable$60,000None of the aboveX Company applies overhead on thebasis of 90% of direct labor cost. JobNo.105 is charged with $100,000 ofdirect materials costs and $81,000 ofmanufacturing overhead. The totalmanufacturing costs for Job No.105is *$181,000.$300,000.

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when the company purchases raw materials for $60,000 on account, the entry should include: A debit to Raw Materials Inventory O $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the above

when the company purchases raw materials for $60,000 on account, the entry should include: A debit to Raw Materials Inventory O $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the above

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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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
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