Question

Question 15 In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $21,400 and Job 11 $35,000. On March 31, Job 10 is sold to the customer for $38,000 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 (To record the completion of the two jobs) (To record the sale Job 10) (To record the cost of the job sold)

Answer 1

	Journal Entries
Date	ACCOUNT TITLES AND EXPLANATIONS	DEBIT ($)	CREDIT ($)
Mar. 31	Finished Goods Inventory (21,400 + 35,000)	56,400.00
	Work in Process Inventory		56,400.00
	(To record completion of the two jobs)
31	Cash	38,000.00
	Sales		38,000.00
	(To record sale of job)
31	Cost of Goods Sold	21,400.00
	Finished Goods Inventory		21,400.00
	(To record cost of job sold)