Time remaining:
Prepare a summary journal entry to record raw materials used.

label Accounting
account_circle Unassigned
schedule 0 Hours
account_balance_wallet $5

In January, Knox Company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. 

Jan 20th, 2015

Answer:

Journal entries in the books of Knox company:

                                                                                        Debit                          Credit

                                                                                           ($)                             ($)

Jan   31     Manufacturing     A/c             Dr.                 3.600

                     To Job 1 A/c                                                                                  900

                     To Job 2 A/c                                                                               1,400

                     To Job 3 A/c                                                                                  700 

                     To General Factory A/c                                                               600

          (Being raw materials used for production)

Jan 20th, 2015

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