In January, Knox Company requisitions raw materials for production as follows: Job 1 $944, Job 2 $1,500, Job 3 $751, and general factory use $626. Prepare a summary journal entry to record raw materials used Solution Journal .

1. In January, Knox Company requisitions raw materials for production as follows: Job 1 $944, Job
2 $1,500, Job 3 $751, and general factory use $626.
Prepare a summary journal entry to record raw materials used
Solution
Journal
Date Journal Debit Credit
Jan 1 Job-1 WIP inventory a/c 944
Job-2 WIP inventory a/c 1500
Job-3 WIP inventorya/c 751
General factory WIP inventory a/c 626
Raw materials a/c 3,821