Transfer of units (Work in process) from one department to another department: At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department. The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is – Date Accounts Titles and Descriptions Debit Credit Work in Process Inventory - Department 2 XXX Work in Process Inventory - Department 1 XXX (WIP transferred from Department 1 to Department 2) To prepare: Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Question

Want to see the full answer?

Answer 1

Question

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Get correct answer with accounting question

I am searching for the correct answer to this financial accounting problem with proper accounting rules.

Financial Accounting Question please answer

Answer 2

Question

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Answer 6

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Answer 7

Chapter 20, Problem 17QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department:

At times, there are many departments involved in converting raw material into finished goods. Thus, when the work to be done in one department is completed, it is transferred to another department.

The journal to record the transfer of units (Work in process) from Department 1 to Department 2 is –

Date Accounts Titles and Descriptions Debit Credit

Work in Process Inventory - Department 2 XXX

Work in Process Inventory - Department 1 XXX

(WIP transferred from Department 1 to Department 2)

To prepare:

Journal entry to record transfer of units (and costs) from assembly department to the painting department using FIFO method.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - Prob. 6DQ Ch. 20 - Prob. 7DQ Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

Videos

Want to see the full answer?

Chapter 20 Solutions

Date	Accounts Titles and Descriptions	Debit	Credit
	Work in Process Inventory - Department 2	XXX
	Work in Process Inventory - Department 1		XXX
	(WIP transferred from Department 1 to Department 2)