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In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $23,300 and Job 11 $31,500. On March 31, Job 10 is sold to the customer for $36,400 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10.

2 Answers

10 votes

Answer:The journal entries are given below:

On Mar-31

Finished Goods $54,800($23,300 + $31,500)

To Work in Process $54,800

(Being two completed jobs are recorded)

On Mar-31

Cash $36,400

To Sales $36,400

(Being the sale of JOb 10 is recorded)

On Mar-31

Cost of goods sold $23,300

To Finished goods $23,300

(Being the cost of job 10 is recorded)

User Bantha Fodder
by
7.9k points
9 votes

Answer and Explanation:

The journal entries are given below:

On Mar-31

Finished Goods $54,800($23,300 + $31,500)

To Work in Process $54,800

(Being two completed jobs are recorded)

On Mar-31

Cash $36,400

To Sales $36,400

(Being the sale of JOb 10 is recorded)

On Mar-31

Cost of goods sold $23,300

To Finished goods $23,300

(Being the cost of job 10 is recorded)

User Mlst
by
8.3k points
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