Question

In March, Concord Company completes Jobs 10 and 11. Job 10 cost $25,000 and Job 11 $35,000. On March 31, Job 10 is sold to the customer for $37,400 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.)

Answer 1

• Dr Finished goods inventory $60,000

Cr work in process inventory $60,000

• Dr Cash $37,400

Cr Sales Revenue $37,400

• Dr Cost of Goods Sold $25,000

Cr Finished goods inventory $25,000

Step-by-step explanation:

First it's necessary to register the process of transfer the goods from WIP to finished products.

• Dr Finished goods inventory $60,000

Cr work in process inventory $60,000

Second recorded the sales of the goods in cash to a customer.

• Dr Cash $37,400

Cr Sales Revenue $37,400

And finally it necessary to register the cost of the goods sold, in this case only the Job10.

• Dr Cost of Goods Sold $25,000

Cr Finished goods inventory $25,000