Paper Packaging Co. buys wood pulp from suppliers, which it then processes into various products. This month, Paper Packaging purchased 30,000 lbs. of wood pulp to use in its manufacturing process. The supplier offered a special discount price of $0. 20/lb. Paper Products had planned to purchase all direct materials this year at $0.30/lb. All purchases are made on account.
What is the journal entry to record the purchase of direct materials?

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The Answer of Paper Packaging Co. buys wood pulp from suppliers, which it then processes into various products. This month, Paper Packaging purchased 30,000 lbs. of wood pulp to use in its manufacturing process. The supplier offered a special discount price of $0. 20/lb. Paper Products had planned to purchase all direct materials this year at $0.30/lb. All purchases are made on account.
What is the journal entry to record the purchase of direct materials?