his Question: 2 pts 9 of 10 (0 complete) This Quiz: 20 pts possib Department 1 c

Question

his Question: 2 pts 9 of 10 (0 complete) This Quiz: 20 pts possib Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units was $750 What is the journal entry to record the transfer? Date Accounts and Explanation Debit O A. Cost of Goods Sold 750 Work-in-Process Inventory-Dept.1 750 OB. ||Work-in-Process Inventory-Dept. 2 750 Work-in-Process Inventory-Dept. 1 Work-in-Process Inventory-Dept 2 750 O C. 750 Cost of Goods Sold 750 O D. lwork-in-Process Inventory-Dept. 1 750 Work-n Process Inventory-Dept 2 750

Explanation / Answer

The Basic principal of accounting is debit is the reciver and credit is the giver. So Department 2 is received the WIP material from the Department 1 So. Department 2 will be debited and Department 1 will be credited. As per the above, Answer = Option B

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