Knowledge Check For each of the five transactions described below, use the dropd

Question

Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and which account should be credited.) Transaction Debit Credit 1. Raw materials worth $12,000 were issued for use in the Cutting Department. 2. Manufacturing overhead was applied to the Shaping Department, $10,000. Unshaped, cut snowboards worth $60,000 were transferred from the Cutting Department to the Shaping Department. Finished snowboards worth $80,000 were transferred from the Shaping Department to the finished goods warehouse. Cost of Goods Sold Finished Goods Manufacturing Overhead Raw Materials 4 5. Finished bricks that cost $100,000 were sold to customers

Explanation / Answer

Debit Credit 1 Work in process-Cutting Raw materials 2 Work in process-Shaping Manufacturing overhead 3 Work in process-Shaping Work in process-Cutting 4 Finished goods Work in process-Shaping 5 Cost of goods sold Finished goods

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