The journal entry for $17,000 materials purchased on account is:
$\begin{array} { | l | l | l | }
\hline \text { Raw Materials } & 17,000 & \
\text { Accounts Payable } & & 17,000 \
\hline
\end{array}$

Question

The journal entry for $17,000 materials purchased on account is:
 $\begin{array} { | l | l | l | } 
\hline \text { Raw Materials } & 17,000 & \
\text { Accounts Payable } & & 17,000 \
\hline
\end{array}$

Quizplus · Accepted Answer

When materials are purchased on account, the Raw Materials account is debited for the amount of the purchase, increasing the asset account, and the Accounts Payable account is credited for the same amount, increasing the liability, which reflects the obligation to pay the supplier in the future.

The Journal Entry for $17,000 Materials Purchased on Account Is Raw Materials 17,000 Accounts Payable 17,000\begin{array} { | l | l | l | } \hline \text { Raw Materials } & 17,000 & \\\text { Accounts Payable } & & 17,000 \\\hline\end{array} Raw Materials Accounts Payable ​17,000​17,000​​

The Journal Entry for $17,000 Materials Purchased on Account Is $\begin{array} { | l | l | l | } \hline \text { Raw Materials } & 17,000 & \\\text { Accounts Payable } & & 17,000 \\\hline\end{array}$