what is the journal entry to record the purchase of materials on account? a. raw materials inventory $xxx accounts payable $xxx b. raw materials inventory $xxx cash $xxx c. accounts payable $xxx raw materials inventory $xxx d. accounts receivable $xxx accounts payable $xxx

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19-12-2022
Business

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what is the journal entry to record the purchase of materials on account? a. raw materials inventory $xxx accounts payable $xxx b. raw materials inventory $xxx cash $xxx c. accounts payable $xxx raw materials inventory $xxx d. accounts receivable $xxx accounts payable $xxx

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PallaviB PallaviB · Answer 1 · 2022-12-24T12:37:48+01:00

The correct journal entry to record the purchase of materials on account is accounts payable $xxx raw materials inventory $xxx. This journal entry is necessary to record the purchase of materials on account.

This means that the materials were purchased on credit. The first account is the accounts payable account which is debited for the amount of the purchase. The other account is the raw materials inventory account which is credited for the same amount. This journal entry reflects the fact that the materials have been purchased and are now part of the company’s inventory but have not yet been paid for.

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