1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.
1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.
1. A manufacturing company purchased $1,200 of materials (on account) for use in production. 2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.
Prepare journal entries to record the following transactions.
Transcribed Image Text:1. A manufacturing company purchased $1,200 of materials (on account) for use in production.
2. The company used $200 of direct materials on Job 1 and $350 of direct materials on Job 2.
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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