Question

April 30 May 31

Answer 1

Solution:

The record entry in accounting is the reporting of a report in an accounting document that displays the company's costs and credit balances. The amount of the payments must be equivalent to the sum of the credits otherwise the journal submission must be treated as unbalanced.

Raw material: a fundamental substance in its natural, changed or semi-managed condition, used as a contribution to the cycle of production for the eventual modification or transformation into a finished decent substance.

                                    Pass journal entry

Particular                                                Debit ($)           Credit ($)

Raw material inventory  (WN1)              210,000

                       Cash                                                         210,000

Work in process                                     186,000

           Raw material inventory                                        186,000

Factory overhead                                  15,000

           Raw material inventory                                       15,000