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Materials purchased on account during the month amounted to $180,000. Materials requisitioned
and placed in production totaled $165,000. From the following, select the entry to record the
transaction on the day the materials were bought.
O a. Materials O b, Materials O c. Materials O d. Accounts Payable 180,000 Accounts Payable
Accounts Payable Cash 180,000 165,000 165,000 180,000 180,000 180,000 Materials 180,000
Solution
Answer:
The Journal Entry for Purchase of Material Shall be as under :
Material Debit $180000
Accounts Payable Credit $180000
Hence the correct answer is a.

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Materials purchased on account during the month amounted to $180-000-.docx

  • 1. Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were bought. O a. Materials O b, Materials O c. Materials O d. Accounts Payable 180,000 Accounts Payable Accounts Payable Cash 180,000 165,000 165,000 180,000 180,000 180,000 Materials 180,000 Solution Answer: The Journal Entry for Purchase of Material Shall be as under : Material Debit $180000 Accounts Payable Credit $180000 Hence the correct answer is a.