Purchase of material
Four thousand square feet of rolled aluminum sheet metal were purchased on account for $10,000. The purchase is recorded with the following journal entry.
(1) Raw-Material Inventory ………………………………………………………….. 10,000
Accounts payable………………………………………………………… 10,000
The posting of this and all subsequent journal entries to the ledger are shown in Exhibit 311, which appears on page 100.