The journal entry to record the purchase of materials on account in process cost accounting is a(n): Multiple choice question. increase in assets and an increase in liabilities increase in one asset and a decrease in another asset increase in assets and a decrease in liabilities decrease in assets and a decrease in liabilities

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22-07-2022
Business

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The journal entry to record the purchase of materials on account in process cost accounting is a(n): Multiple choice question. increase in assets and an increase in liabilities increase in one asset and a decrease in another asset increase in assets and a decrease in liabilities decrease in assets and a decrease in liabilities

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-26T17:30:43+02:00

The journal entry to record the purchase of materials on account in process cost accounting is an Increase in assets and an increase in liabilities. Option A. This is further explained below.

What is a journal entry?

Generally, In process cost accounting, a rise in assets and an increase in liabilities are recorded in the journal entry for the purchase of materials on account.

In conclusion, A journal entry is a kind of entry that is used in the accounting records of a company to record a transaction that occurred inside the company.