On May 7, Hatch Company purchased on account 490 units of raw materials at $20 per unit. During May, raw materials were requisitioned for production as follows: 211 units for Job 200 at $16 per unit and 186 units for Job 305 at $20 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSBergan CompanyGeneral Ledger
ASSETS
110Cash
121Accounts Receivable
125Notes Receivable
126Interest Receivable
131Materials
132Work in Process
133Factory Overhead
134Finished Goods
141Supplies
142Prepaid Insurance
143Prepaid Expenses
181Land
191Factory
192Accumulated Depreciation-Factory
LIABILITIES
210Accounts Payable
221Utilities Payable
231Notes Payable
236Interest Payable
241Lease Payable
251Wages Payable
252Consultant Fees Payable
EQUITY
311Common Stock
340Retained Earnings
351Dividends
390Income Summary
REVENUE
410Sales
610Interest Revenue
EXPENSES
510Cost of Goods Sold
520Wages Expense
531Selling Expenses
532Insurance Expense
533Utilities Expense
534Office Supplies Expense
540Administrative Expenses
560Depreciation Expense-Factory
590Miscellaneous Expense
710
Interest Expense
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 of Accounts for exact wording of account titles.