Iowa, Inc. purchased raw materials for $6,000 and $25,000 for cash and on account, respectively. Provide the journal entry to record the purchase of raw materials
What will be an ideal response
Raw Materials Inventory 31,000
Cash 6,000
Accounts Payable 25,000
Materials purchased, accumulated in RM
You might also like to view...
If the company has an _________ from a client, then the client has an ________ to the company
a. account receivable; account receivable b. account payable; account payable c. account receivable; account payable d. account payable; account receivable
Which of the following is an integral part of the strategic profit model?
A. Gross margin B. Current liabilities C. Asset turnover D. Retained earnings E. Inventory turnover
Which of the following is an example of exercising internal control over receivables?
A) separating cash collection and credit approval duties B) extending credit to all customers who apply for credit C) combining the duties of the credit and accounting departments D) allowing credit department employees to collect cash from customers
Which of the following accounting methods is generally used to compute amortization expense?
A) declining-balance B) units-of-production C) straight-line D) first-in, first-out