Question

Brief Exercise 15-8 In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $29,400 and Job 11 $40,900. On March 31, Job 10 is sold to the customer for $35,300 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 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) Click if you would like to Show Work for this question: Open Show Work

Answer 1

Account Titles and Explanation Date Debit Credit Mar. 31 Finished goods inventory (29,400+ 40,900) Work in process inventory (to record the completion of the jobs) 70,300 70,300 31 Cash 35,300 Sales revenue 35,300 (to record sales) 31 Cost of goods sold Finished goods inventory (to record the cost of the jobs completed) 29,400 29,400