Answer and Explanation:
The journal entry is given below:
Work in process inventory Dr $100,000
To raw material inventory $100,000
(being the usage of the direct material is recorded)
here the work in process is debited as it increased the assets and credited the raw material inventory as it decreased the assets
Answer:
Dr. Cr.
Sales, $56,000
Income Summary $56,000
<u> </u>
Dr. Cr.
Income Summary $52,500
Sales Returns and Allowances $3,000
Sales Discounts, $1,500
Depreciation Expense, $25,000
Salaries Expense, $23,000
<u> </u>
Explanation:
Cash, Equipment, Accumulated Depreciation, Accounts Payable, Owner Capital and Owner Withdrawals are all permanent accounts. These accounts will not close and do not need any closing entry.
