Which transaction is used to recognize the acquisition of raw materials on account?

Question

Quizplus · Accepted Answer

When raw materials are acquired on account, it means that the company has received the materials but has not yet paid for them. Therefore, the accounts payable account is increased (debited) to represent the amount owed to the supplier. At the same time, the raw materials inventory account is increased (credited) to represent the value of the materials received. This transaction is recorded with a debit to Raw Materials Inventory and a credit to Accounts Payable.

Which Transaction Is Used to Recognize the Acquisition of Raw