Which of the Following Accounts Would Be Debited in the Journal

question 145

Multiple Choice

Which of the following accounts would be debited in the journal entry to record the requisition of direct materials?

• A)Cost of Goods Sold
• B)Work-in-Process Inventory
• C)Finished Goods Inventory
• D)Raw Materials Inventory

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Definitions:

Land

A fixed asset that represents property; it is considered a non-depreciable asset used in operations or investment.

Investment by Owner

The contribution of cash or other assets by an owner into their business, increasing the equity of the company.

Deficit

The amount by which expenses surpass income or revenues, resulting in a loss.

Retained Earnings

Profits that a company has reinvested in itself rather than paying out to shareholders as dividends.