Which of the Following Accounts Would Be Debited in the Journal

question 10

Multiple Choice

Which of the following accounts would be debited in the journal entry to record the issuance 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:

Title

The legal right to own, use, or dispose of property; often evidenced by a document.

Insurable Interest

(1) In contract law, a property interest in goods being sold or leased that is sufficiently substantial to permit a party to insure against damage to the goods. (2) In the context of insurance, an interest in a person’s life or well-being that is sufficiently substantial that insuring against the person’s death or injury does not amount to a mere wagering contract.

Title

The legal right to own, use, or dispose of property or assets.

Seller

refers to an individual or entity that offers goods or services for sale to consumers or other businesses.