In a Perpetual Inventory System,a Transaction That Requires Two Journal

question 40

Multiple Choice

In a perpetual inventory system,a transaction that requires two journal entries (or one compound entry) is needed when

• A)raw materials are purchased on account.
• B)goods are sold for either cash or on account.
• C)goods are finished and transferred out of Work in Process Inventory.
• D)overhead is applied to Work in Process Inventory.

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