Do It! Review 20-04 During the current month, Crane Corporation completed Job 310 and Job 312....
Do It! Review 20-04
During the current month, Crane Corporation completed Job 310
and Job 312. Job 310 cost $72,000 and Job 312 cost $52,500. Job 312
was sold on account for $88,000.
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
manually.)
|
No. |
Account Titles and Explanation |
Debit |
Credit |
|
(a) |
|
|
|
|
|
|
|
|
|
(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) |
Homework Answers
| No | Accounts | Debit | Credit |
| A | Finished goods inventory | 124,500 | |
| Work in Process Inventory | 124,500 | ||
| (72,000+52,500) | |||
| B | Accounts Receivable | 88,000 | |
| Sales | 88,000 | ||
| C | Cost of Goods Sold | 52500 | |
| Finished goods inventory | 52500 | ||
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