Accounting Principles - Standalone book
Accounting Principles - Standalone book
12th Edition
ISBN: 9781118875056
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 20, Problem 20.3AP

(a)

To determine

Procedure for debiting and crediting an account:

  • Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.
  • Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

Accounting Principles - Standalone book, Chapter 20, Problem 20.3AP

To prepare: The journal entries for the transactions of the month June.

(b)

To determine

To do: Post the entries in work in process inventory.

(c)

To determine

The reconciled balance in work in process inventory with the costs of unfinished jobs.

(d)

To determine

To prepare: The goods manufactured schedule for June.

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INVENTORY & COST OF GOODS SOLD; Author: Accounting Stuff;https://www.youtube.com/watch?v=OB6RDzqvNbk;License: Standard Youtube License