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Instructions On May 7, Lockmiller Company purchased on account 60,000 units of materials at $12.00...

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Accounting

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Instructions On May 7, Lockmiller Company purchased on account 60,000 units of materials at $12.00 per unit. During May, raw materials were requisitioned for production as follows: 26,900 units for Job 275 at $7.00 per unit and 26,200 units for Job 310 at $12.00 per unit. Required: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the chart or accounts for the exact wording of the account billes. CNOW journals do not use Ines for journal explanations. Every Nine on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST, RER DEBIT CREDIT ASSETS LABILITIES EQUITY 1 2 3

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