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7 years ago
Uniq Works purchased raw materials amounting to $126,000 on account and $16,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction?

A) Finished Goods Inventory   142,000   
     Accounts Payable      142,000

B) Work-in-Process Inventory   142,000   
     Accounts Payable      142,000

C) Raw Materials Inventory   142,000   
     Cash      16,000
     Accounts Payable      126,000

D) Accounts Payable   126,000   
Cash   16,000   
     Raw Materials Inventory      142,000
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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3 years ago
Thank you
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