E2-13 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: 1. Materials purchased, $35,750. 2. Direct materials requisitioned to production, $29,250. 3. Direct materials returned to storeroom, $2,200. 4. Indirect materials requisitioned to production, $3,975. 5. Indirect materials returned to storeroom, $585. a. Prepare journal entries to record the materials transactions. b. Post the journal entries to ledger accounts (in T-account form). c. What is the balance of the materials inventory account at the end of the month?
E2-13 Recording materials transactions Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory
1. Materials purchased, $35,750.
2. Direct materials requisitioned to production, $29,250.
3. Direct materials returned to storeroom, $2,200.
4. Indirect materials requisitioned to production, $3,975. 5. Indirect materials returned to storeroom, $585.
a. Prepare
b.
c. What is the balance of the materials inventory account at the end of the month?
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
