Work in Process Inventory Account: Work in process inventory account is asset accounts which show the balances of all partial produced products. Raw Material Inventory Account: Raw material inventory account is an asset account which show the balance of all those material which are not yet used to make a final product or work in progress. Journal Entries : It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting. Accounting rules regarding journal entries : Balance increase when : Assets, losses and expenses get debited and liabilities, gains, and revenue get credited. Balance decrease when : Assets, losses and expenses get credited and liabilities, gains, and revenue get debited. To prepare : Journal entry that takes place in process costing .

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Chapter 16, Problem 3BTN

To determine

Work in Process Inventory Account:

Work in process inventory account is asset accounts which show the balances of all partial produced products.

Raw Material Inventory Account:

Raw material inventory account is an asset account which show the balance of all those material which are not yet used to make a final product or work in progress.

Journal Entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entry that takes place in process costing.

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