Asked by Madison Chrisman on Jul 27, 2024
Verified
The journal entry to record the purchase of materials includes a debit to Work in Process Inventory.
Work in Process Inventory
An accounting term for the partially finished goods or materials that are in various stages of the production process.
Purchase of Materials
The process of acquiring raw materials needed for production or goods for resale, typically accounted for as an increase in inventory.
- Learn the process and significance of recording purchases of materials.
Verified Answer
ST
sanaz taghizadehJul 30, 2024
Final Answer :
False
Explanation :
The journal entry to record the purchase of materials typically includes a debit to Raw Materials Inventory, not Work in Process Inventory, as materials are initially recorded as raw materials before they are used in production.
Learning Objectives
- Learn the process and significance of recording purchases of materials.
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