FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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Question
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:
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