The journal entry will include a:
- debit to the DM quantity variance
- credit to the DM price variance
- bc the debit is always unfavorable
What is journal entry?
- Journal entries are used to record business transactions in the company's accounting records.
- Journal entries are normally recorded in the general ledger.
- Alternatively, it can be recorded in a subledger, summarized and included in the general ledger.
- The accountant increases the balance of the baked goods account and decreases the cash account.
- The two journal entries show 1) an increase in the baked goods account and 2) a corresponding decrease in the cash (bank) account.
- A journal is called a subledger.
- Journals are known as original entry books or main entry books. G/L accounts are created using journals.
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