IS WIP cost of goods sold an asset,liability or expense on a trial balance?
- olliverLv 63 weeks ago
WIP is a balance sheet asset
- EvaLv 73 weeks ago
A trial balance isn't broken down into categories. It's simply a listing of debits and credits. The total debits and total credits must match. Financial statements (Balance Sheet and Profit and Loss) are broken down into Asset and Liabilities, Income and Expenses, respectively.