Question

Swerwandt, Managerial Accounting, se CALCULATOR PRINTER VERSION Do It! Review 2-4 During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $67,500 and Job 312 cost $53,000. Job 312 was sold on account for $89,000. Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account Titles and Explanation (a) Debit Credit (To record completion of Jobs 310 and 312) (b) (To record sale of Job 312) (c) (To record cost of goods sold for Job 312) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SL TO

Answer 1

No. Credit Debit $120,500 Account Title and Explanation (a) Finished Goods Inventory Work-in-Process Inventory (To record completion of Jobs 310 and 312) $120,500 $89,000 (b) Accounts Receivable Sales (To record sale of Job 312 $89,000 $53,000 (c) Cost of Goods Sold Finished Goods Inventory (To record cost of goods sold for Job 312) $53,000

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.