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.
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