The Following Transactions for March Have Been Journalized and Posted

question 21

Multiple Choice

The following transactions for March have been journalized and posted to the proper accounts.

What is the ending balance in the Service Revenue account?

• A)$16,000
• B)$10,000
• C)$14,000
• D)$6,000

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Definitions:

Work in Process Inventory

Items that are in the process of being produced but are not yet complete.

Raw Materials Inventory

The total cost of all the materials that are held by an organization and that will be used in production to create goods.

Process Costing System

An accounting method used to determine the cost of producing products in continuous processes where the units are indistinguishable from each other.

Work in Process Inventory

Goods that are in the process of being manufactured but are not yet complete.