1. Order raw material costing $60,000 from various suppliers 2. Receives notification from the suppliers that...

1. Order raw material costing $60,000 from various suppliers

2. Receives notification from the suppliers that the raw materials ordered in transaction (8) were shipped. The merchandise belongs to the suppliers until received by Whitley Products Corporation.

3. Received the raw materials shipped in transaction (9)

Journalize the transactions above.

Expert Solution

There have no journal entry needed to be recorded for ordering of material.Only recorded at the time of raw material received.Any ordering cost has been due for the order of raw material is added with the purchase cost and it will recorded at the time of material received
.Here also the raw material were shipped no entries made by the receiver company.There have journal entry for the supplier company only.supplier company treat as a sales either in cash or credit

Entry in the book of supplier company is

whitley production corporation A/C /cash A/C Dr.

To sales A/C

3. Here raw material received by whitley production corporation is recorded as a purchase. So it is recorded in the books of receiving company.

In financial Accounts

Purchase A/C Dr.

To Creditors / Cash A/C

In Cost Accounts

Material control A/C Dr.

To General Ledger A/C

ekkarill92 answered 2 years ago

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