Question & Answer: On may 7, Began Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw mate…..

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On may 7, Began Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were for production as follows: 7, 500 units for Job 2: 00 at it per unit and 1, 400 units for job at Journal the entry on may 7 to record the purchase Journalize the entry on may 31 to record the from the materials store room.

Expert Answer

 

Record the journal entries as follows: Debit $80,000 Credit Date Account Tile & Explanation 27-May Materials $80,000 Accounts pavable 4 To record purchase of materials Credit Debit $60,000 7 Date Account Tile & Explanation Work-in-process $60,000 Materials 10 To record requisition of materials 12 13 Date 14 15 16 Debit Credit Account Tile& Explanation $7,400 Work-in-process $7,400 Materials To record reauisition of materialsQuestion & Answer: On may 7, Began Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw mate..... 1

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