The journal entry to record the transfer of partially completed work in process to the next process in process costing is a(n): Multiple choice question. increase in assets and an increase in liabilities decrease in assets and a decrease in liabilities decrease in one asset and an increase in another asset increase in assets and an increase in equity

decrease in one asset and an increase in another asset increase.

Explanation:

Work-in-process inventories can be defined as a number of partially completed goods which are still in the process of being transformed into finish products that meets the needs of consumers.

Generally, the work-in-process inventories include the following raw materials cost, direct labor cost and factory overhead cost.

These category of products are only partially completed and as such are waiting for further processing, still undergoing fabrication or kept in a buffer storage.

A journal entry involves the process of keeping the records of business transactions made by an organization.

The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.

Hence, the journal entry to record the transfer of partially completed work in process to the next process in process costing is a decrease in one asset and an increase in another asset increase.