Mayflower Company makes artificial flowers and reports the following data for th

Question

Mayflower Company makes artificial flowers and reports the following data for the month. (Click the icon to view the data.) Journalize the entries relating to materials and labor. (Record debits first, then credits. Exclude explanations from journal entries.) Begin by journalizing the entry for the purchase of materials on account. Date Accounts Debit Credit Accounts Payable Accounts Receivable Cash Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Raw Materials Inventory Sales Revenue Wages Payable Choose from an Work-in-Process heck Answer.

Explanation / Answer

Raw materials inventory 52000           Accounts Payable 52000 To record purchase of material on account

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