Hi guys, I'm new to accounting studies and I feel as if my classes should have required prerequisites but they didn't. I have a question which says,
The materials control account balances were $30 000 on 1/4 and $20 000 on 30/4. Raw materials purchased during April were $60 000 )all materials were direct materials). Show the materials control account in the ledger for April and a general journal entry to record the cost of raw materials placed in production during April.
The problem is that I haven't learned how to do T- accounts (I'm learning it by myself now) and I don't even know what a journal entry would look like (though I'm researching that too). Can anyone help me out at all? Do I need to do t-accounts for raw materials, material overhead and WIP? If so, how do I show the transactions?
Thanks!!
The materials control account balances were $30 000 on 1/4 and $20 000 on 30/4. Raw materials purchased during April were $60 000 )all materials were direct materials). Show the materials control account in the ledger for April and a general journal entry to record the cost of raw materials placed in production during April.
The problem is that I haven't learned how to do T- accounts (I'm learning it by myself now) and I don't even know what a journal entry would look like (though I'm researching that too). Can anyone help me out at all? Do I need to do t-accounts for raw materials, material overhead and WIP? If so, how do I show the transactions?
Thanks!!