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Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450

Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting for materials

Back Country manufactures backpacks. Its plant records include the following materials-related data:

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.

Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450
Transcribed Image Text:Raw Materials Inventory, beginning balance $ 38,000 72,000 Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Materials requisitions: 1,200 Canvas Sewing machine lubricating oil 59,000 450
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