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Author Question: The ending balance in the Work-in-Process Control account represents the costs of all jobs that ... (Read 94 times)

go.lag

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on: Jul 5, 2018
The ending balance in the Work-in-Process Control account represents the costs of all jobs that ________.
 
  A) have not been completed
  B) have been completed but not sold
  C) have been completed and sold to customers
  D) are reported on the income statement

Question 2

Indicate how the following transactions affect the accounting equation. (a) The purchase of supplies on account. (b) The purchase of supplies for cash. (c) A withdrawal by the owner to pay personal expenses. (d) Revenues received in cash. (e) Sale made on account.


juliaf

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Answer: A

Answer to Question 2

(a) Assets increase; liabilities increase
(b) No effect
(c) Assets decrease; owner's equity decreases
(d) Assets increase owner's equity increases
(e) Assets increase owner's equity increases


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go.lag

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Reply #2 on: Jul 5, 2018
Thank you :)


juliaf

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Reply #3 on: Jul 5, 2018
Happy to help you


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