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Crazy boy [7]
3 years ago
9

Entry for Issuing Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 103 P

lastic 400 $ 2,800 104 Steel 402 24,000 105 Glue Indirect 1,620 106 Rubber 403 3,200 107 Titanium 404 31,600 Journalize the entry to record the issuance of materials. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
romanna [79]3 years ago
3 0

Answer:

Details below

Explanation:

For issuance of an entry a single transaction is recorded that is work in process account is debited and materials inventory account is credited. In subsidiary ledgers job numbers are debited. For indirect Materials factory overhead is debited.

The  given data is as follows.

Requisition No.            Material         Job No.             Amount

103                                 Plastic              400                 $ 2,800

104                                 Steel                402                    24,000

105                                 Glue Indirect   1,620

106                                  Rubber             403                   3,200

107                                 Titanium           404                    31,600

The entry for materials requisitioned will be

A compound entry can be passed. In this the subsidiary ledger is not included.

Sr. No                  Particulars                                 Debit           Credit                                            

                   Work In Process                             61600

                Factory Overhead                               1620

               Materials Inventory                                                 63200

The one with a subsidiary ledger would look like this.

Sr. No                  Particulars                                 Debit           Credit

                                                      (Subsidiary)

1                     Work In Process                           61600

                                                  ( Job No 400)   2800

                                                   ( Job No 402)   24000

                                                    ( Job No 403)   3200

                                                    ( Job No 404)   31600

                Factory Overhead                               1620

               Materials Inventory                                                 63200

This is combined entry but separate entries can be passed as well .

Sr. No                  Particulars                                 Debit           Credit

                    Work In Process                           61600

               Materials Inventory                                                 61600

Sr. No                  Particulars                                 Debit           Credit

                  Factory Overhead                               1620

               Materials Inventory                                                   1620

Sr. No                  Particulars                                 Debit           Credit

                           (Subsidiary ledger)                

                            ( Job No 400)                          2800

                           ( Job No 402)                            24000

                           ( Job No 403)                             3200

                            ( Job No 404)                            31600

               Materials Inventory   Plastic                                      2800

               Materials Inventory   Steel                                        24000

                Materials Inventory    Titanium                                3200

                Materials Inventory     Rubber                                31600          

In each of the entries above materials inventory is credited.

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