A journal entry that debits finished goods and credits work in process records the application of manufacturing overhead costs.
A work-in-progress journal entry is a record that accounting professionals use to document current assets on a company's balance sheet. The items in this journal entry don't include any raw materials or finished goods. A journal entry is a record of the business transactions in the accounting books of a business. A properly documented journal entry consists of the correct date amounts to be debited and credited description of the transaction and a unique reference number. A journal entry is the first step in the accounting cycle.
The journal entry to record issuing both direct and indirect materials into production debits Work in process and Manufacturing overhead.
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