Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
Purchase of raw materials on account is an asset exchange transaction.______
Placing raw materials into production is an asset use transaction.______
When raw materials are placed into production,total assets are not affected.______
When raw materials are placed into production,the balance in the Work in Process Inventory account increases.______
Purchasing manufacturing supplies for cash is an asset use transaction.______