Answered: Give the journal entry for raw…

Give the journal entry for raw materials product on account. Explain how this transaction affects the accounting equation

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 18Q: Normally, a manufacturer maintains an accounting system that includes a materials ledger and a...

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Question

Give the journal entry for raw materials product on account. Explain how this transaction affects the accounting equation

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

Step 1

The raw material inventory is a general ledger account. The details of raw material purchased and the raw materials issued for job work and the balance of raw material in hand are shown in the raw material subsidiary ledger account.

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