Sunday 4 November 2012

The purchase of raw materials on account in a process costing system is recorded with a: Debit to Goods in Process Inventory and a credit to Accounts Payable. Debit to Raw Materials Inventory and a credit to Accounts Payable. Debit to Accounts Payable and a credit to Raw Materials Inventory. Debit to Purchases and credit to Cash. Debit to Purchases and a credit to Accounts Payable.

The purchase of raw materials on account in a process costing system is recorded with a:
  •     Debit to Goods in Process Inventory and a credit to Accounts Payable.
  •     Debit to Raw Materials Inventory and a credit to Accounts Payable.
  •     Debit to Accounts Payable and a credit to Raw Materials Inventory.
  •     Debit to Purchases and credit to Cash.
  •     Debit to Purchases and a credit to Accounts Payable.


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