[The Following Information Applies to the Questions Displayed Below

question 5

Multiple Choice

[The following information applies to the questions displayed below.]
The following entry appears in Martin Supply's general journal on March 10,2018:

-This transaction involves:

• A)Martin's collection of $30,000 on an account receivable.
• B)Payment of $21,000 cash by Martin.
• C)A $21,000 overall increase in Martin's assets.
• D)Sale of equipment by Martin for $51,000.

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Definitions:

Processing Department

A section or unit within a manufacturing facility where a specific type of processing or operation is carried out.

Work in Process

Inventory items that are partially completed in manufacturing or production but not yet ready for sale.

Units Transferred Out

The term used in cost accounting to refer to products or goods that have been completed and moved out of the work-in-process accounts into finished goods inventory.

Total Cost

The aggregate amount of expenses incurred by a company to produce goods or services, including fixed, variable, and semi-variable costs.