Materials purchased on account during the month totaled $190,000. Materials requisitioned and placed in production totaled $165,000. The journal entry to record the material purchase on account is

a. Materials 165,000 Accounts Payable 165,000
b. Materials 190,000 Accounts Payable 190,000
c. Materials 190,000 Cash 190,000
d. Accounts Payable 190,000 Materials 190,000

b. Materials 190,000 Accounts Payable 190,000

Explanation:

Materials may either be purchased on credit or by cash, When materials are purchased on credit, such materials are said to have been purchased on accounts.

The entries for cash purchases are ;

Debit Supplies/Inventory account

Credit Cash account

However, when the purchase is done on account, the credit entry goes to the accounts payable and not cash.

a.   is the correct choice.

good luck. : )

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation: