Transfer of units (Work in process) from one department to another department or to finished goods inventory: 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. At times they are transferred to finished goods inventory. The journal to record the transfer of units from the manufacturing department to finished goods inventory is - Date Accounts Titles and Descriptions Debit Credit Finished Goods Inventory XXX Work in Process Inventory XXX (WIP transferred from processing to Finished goods inventory)) To prepare: Journal entry to record transfer of units to finished goods inventory

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Answer 1

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

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Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as partner is shown as follows: Account Title Debit Credit Ato Cash reening smuo P 100,000 Accounts Receivable 250,000 Allowance for Uncollectible Accounts P 20,000 o Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Notes Payable 120,000 275,000 55,000 50,000 82,000 538,000 Lumanao, Capital Total P 745,000 P 745,000 Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the adjustments below. Lumanao accepted the offer. Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following: • The merchandise is to be valued at P93,000. The accounts receivable is estimated to be 90% collectible. • The equipment is to be valued at P200,000. The partners also agreed that the name of the partnership will be Nacho Business. Required: 1. In the books of…

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Answer 2

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 6

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 7

Chapter 20, Problem 26QS

To determine

Concept Introduction:

Transfer of units (Work in process) from one department to another department or to finished goods inventory:

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.

At times they are transferred to finished goods inventory.

The journal to record the transfer of units from the manufacturing department to finished goods inventory is -

Date Accounts Titles and Descriptions Debit Credit

Finished Goods Inventory XXX

Work in Process Inventory XXX

(WIP transferred from processing to Finished goods inventory))

To prepare:

Journal entry to record transfer of units to finished goods inventory

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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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

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Chapter 20 Solutions

Date	Accounts Titles and Descriptions	Debit	Credit
	Finished Goods Inventory	XXX
	Work in Process Inventory		XXX
	(WIP transferred from processing to Finished goods inventory))