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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.)
Expert Solution
| 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) | ||||
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