Uniq Works purchased raw materials amounting to $126,000 on account and $16,000 for cash
The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction?
A)
Accounts Payable 126,000
Cash 16,000
Raw Materials Inventory 142,000
B)
Finished Goods Inventory 142,000
Accounts Payable 142,000
C)
Work-in-Process Inventory 142,000
Accounts Payable 142,000
D)
Raw Materials Inventory 142,000
Cash 16,000
Accounts Payable 126,000
D
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