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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Entry for issuing materials

Materials issued for the current month are as follow?

images

Journalize the entry to record the issuance of materials.

To determine

Issuance of materials

The material storeroom releases raw materials for used in manufacturing process when a material requisition is received. The summary of material requisition aids as a basis for recording materials used in the process.

To record: Journal entry for issuance of materials.

Explanation

The journal entry is prepared as follows:

Date Account titles and Explanation Debit
($)
Credit
($)
  Work in process Table (2) 61,600  
  Factory overhead 1,620  
      Materials   63,220
  (Record materials issued during the month)    

Table (1)

Working notes:

The material issued during the month is calculated as follows:

Requisition Material Job no...

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