Review the Transactions Below and Identify with an "X" Those

question 214

Essay

Review the transactions below and identify with an "X" those that would be posted as a credit in the ledger (The first one has been done for you):
__X_1.Salary Payable was increased.
____ 2.Cash was decreased
____ 3.Equipment was increased
____ 4.Common Stock was increased
____ 5.Salaries Expense was increased
____ 6.Accounts Receivable was decreased
____ 7.Unearned Revenue was increased
____ 8.Dividends was increased
____ 9.Supplies was increased
____ 10.Building was increased
____ 11.Utilities Expense was increased
____ 12.Service Revenue was increased

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Definitions:

Work in Process

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

Part No.

A unique identifier assigned to a specific part or component within a manufacturing system or inventory.

Work in Process Inventory

Inventory that includes all materials, labor, and overhead costs for products in the manufacturing process but not yet completed.

Direct Materials Inventory

The stock of raw materials that will be directly used in the production of goods, readily available for the manufacturing process.