Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Easy Packs manufacturers backpacks
Easy Packs manufacturers backpacks. Its plant records include the following materials-related data:
Raw Materials Inventory, beginning balance $37,000
Purchases of canvas, on account 68,000
Purchases of sewing machine lubricating oil, on account 1,400
Material requisition:
Canvas 66,000
Sewing machine lubricating oil 100
Journalize the entries to record the transactions.
Begin by recording the journal entry for the purchase of materials. (Record debits first, then credits.)
| Journal Entries: | ||||
| Date | Account Titles and Explanation | Debit | Credit | |
| Raw Materials Inventory ($68,000+$1,400) | 69400 | |||
| Accounts Payable | 69400 | |||
| (To record the purchases of materials) | ||||
| Work-in-Process Inventory ($66,000+$100) | 66000 | |||
| Manufacturing Overheads | 100 | |||
| Raw Materials Inventory | 66100 | |||
| (To record the direct and indirect materials) | ||||
