The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows:
(1)
Materials purchased on account, $62,000
(2)
Direct materials issued, $58,500
(3)
Direct materials returned to storeroom, $1,200
(4)
Indirect materials issued, $3,600
(5)
Indirect materials returned to storeroom, $550
(6)
Materials on hand were $200 less than the stores ledger balance
a.Prepare journal entries to record the materials transactions.
b.Post the journal entries to T-accounts.
c.What is the balance of the materials account on November 30?

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The Answer of The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November 1. A summary of material transactions for November shows:
(1)
Materials purchased on account, $62,000
(2)
Direct materials issued, $58,500
(3)
Direct materials returned to storeroom, $1,200
(4)
Indirect materials issued, $3,600
(5)
Indirect materials returned to storeroom, $550
(6)
Materials on hand were $200 less than the stores ledger balance
a.Prepare journal entries to record the materials transactions.
b.Post the journal entries to T-accounts.
c.What is the balance of the materials account on November 30?

The Following Accounts Are Maintained by the Sprague Manufacturing Company