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Explanation & Answer
Attached.
HORNGREN'S ACCOUNTING - 12th Edition
Solutions Manual
Solution:
Requirement 1
Date
Accounts and Explanation
a Purchases
Cash
(Purchased raw materials on cash)
Debit
$30,000
Credit
$30,000
b Sendng raw materials to the factory does not involve any transaction
c
When a job is completed, the cost of completing the job is accounted for
Finished goods are recorded to the inventory and cost incurred is
adjusted e.g. recording p...