Perez Manufacturing purchased raw materials worth $ 4 comma 000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $ 4 comma 000; credit Cash, $ 4 comma 000 B. debit Cash, $ 4 comma 000; credit Raw Materials Inventory, $ 4 comma 000 C. debit Raw Materials Inventory, $ 4 comma 000; credit Accounts Payable, $ 4 comma 000 D. debit Account Payable, $ 4 comma 000; credit Raw Materials Inventory, $ 4 comma 000

Question

11-02-2020
Business

contestada

Perez Manufacturing purchased raw materials worth $ 4 comma 000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used. A. debit Raw Materials Inventory, $ 4 comma 000; credit Cash, $ 4 comma 000 B. debit Cash, $ 4 comma 000; credit Raw Materials Inventory, $ 4 comma 000 C. debit Raw Materials Inventory, $ 4 comma 000; credit Accounts Payable, $ 4 comma 000 D. debit Account Payable, $ 4 comma 000; credit Raw Materials Inventory, $ 4 comma 000

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Answer:

C. debit Raw Materials Inventory, $ 4 comma 000; credit Accounts Payable, $ 4 comma 000

Explanation:

The journal entry to record the raw material purchased on the account is as follows

Raw material inventory A/c Dr $4,000

To Account payable A/c $4,000

(Being the raw material is purchased on account)

Since the raw material is purchased, the same is increased the current asset so it would be debited while the account payable is credited as it also increased the current liabilities account