Solution-Prepare journal entries to record materials

Prepare journal entries to record materials transactions

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Reference no: EM133234901

Recording materials transactions Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On July 1, the materials account had a debit balance of $10,000. Following is a summary of materials transactions for the month of July:

- Materials purchased, $35,750.

- Direct materials requisitioned to production, $29,250.

- Direct materials returned to storeroom, $2,200.

- Indirect materials requisitioned to production, $3,975.

- Indirect materials returned to storeroom, $585.

1. Prepare journal entries to record the materials transactions.

2. Post the journal entries to ledger accounts (in T-account form).

3. What is the balance of the materials inventory account at the end of the month?

Reference no: EM133234901

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Prepare journal entries to record materials transactions

Reference no: EM133234901

Reference no: EM133234901

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