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question archive Raw Materials Inventory, beginning balance $34,000 Purchases of canvas, on account 70,000 Purchases of sewing machine lubricating oil, on account 900 Material requisitions:   Canvas 61,000 Sewing machine lubricating oil 200 Sport PacksSport Packs manufactures backpacks

Raw Materials Inventory, beginning balance $34,000 Purchases of canvas, on account 70,000 Purchases of sewing machine lubricating oil, on account 900 Material requisitions:   Canvas 61,000 Sewing machine lubricating oil 200 Sport PacksSport Packs manufactures backpacks

Subject:AccountingPrice:2.87 Bought7

Raw Materials Inventory, beginning balance

$34,000

Purchases of canvas, on account

70,000

Purchases of sewing machine lubricating oil, on account

900

Material requisitions:

 

Canvas

61,000

Sewing machine lubricating oil

200

Sport PacksSport Packs

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.

Journalize the entries to record the transactions.

Begin by recording the journal entry for the purchases of materials. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)

  

Date

Accounts

Debit

Credit

 

Raw Materials Inventory

70,900

 
 

Accounts Payable

 

70,900

           
           

Now record a single journal entry for the materials used.

Date

Accounts

Debit

Credit

 
   
   
       
           
     

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