Answer:
The journal entry to record the direct material used in production is given below:
Dr Work-In Process Inventory $40000
Cr Raw Materials Inventory $40000
Explanation:
The work in process inventory is debited since it is the receiving account ,while raw material inventory is credited as it is the giving account.
The work in process depicts raw materials currently being worked upon at the production, from which completed goods are then transferred to finished goods inventory.
The raw materials inventory account is the account where raw materials received from vendors are first of all recorded before the need to issue to production process.
When such materials are received in the warehouse , the raw materials inventory account is debited while the supplier account is appropriately credited to show the amount of indebtedness.
Answer:
Post-interview follow-up
Explanation:
Post-interview follow-up is done after an interview has been conducted to clarify any areas that were unclear, did not adequately provide insight, or that was contradictory.
It also provides reinforcement of points already captured in the interview process.
On this instance Rafael is the Fraud Unit manager. He received an interview report from Stefano. Stefano then interviewed Rafael to get clarifications and corrections on the interview report. This is done in the post-interview follow-up.
Answer:
Journal Entry to reflect the event is as follow;
Dr. Cr.
Utility Expense $520
Utility bill payable $520
Explanation:
Utility bill is received it means the expense is accrued and it is not due until the month end so a liability will be created and will be paid next month.
I think that it would be D
