Question

1.	March 10: 600 units of raw materials were purchased on account at $6.50 per unit.
2.	March 15: 500 units of raw materials were requisitioned at $7 per unit for production, Job 872.
3.	March 25: 400 units of raw materials were requisitioned at $6.50 per unit for production, Job 879.

Required:

Record the journal entries for the above transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTS
General Ledger
ASSETS 110 Cash 121 Accounts Receivable 131 Materials 133 Work in Process 135 Factory Overhead 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 190 Factory Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary	REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense

Record the journal entries for the month of March. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6

Answer 1

Date	Account titles and explanation	Debit	Credit
March 10	Materials(600 × $6.5)	$3900
	Accounts payable		$3900
March 15	Work in process(500 × $7)	$3,500
	Materials		$3,500
March 25	Work in process(400 × $6.50)	$2,600
	Materials		$2,600