Question

In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $28,900 and Job 11 $39,100. On March 31, Job 10 is sold to the customer for $43,900 in cash.

Journalize the entries for the completion of the two jobs and the sale of Job 10.

Answer 1

To journalize the entries for the completion of Jobs 10 and 11 and the sale of Job 10, you would use the following journal entries...

Step-by-step explanation:

To journalize the entries for the completion of Jobs 10 and 11 and the sale of Job 10, we need to record the costs incurred for the jobs and the revenue generated from the sale. Here are the journal entries:

1. For Job 10 completion:
   Debit Work in Process Inventory: $28,900
   Credit Manufacturing Overhead: $28,900
2. For Job 11 completion:
   Debit Work in Process Inventory: $39,100
   Credit Manufacturing Overhead: $39,100
3. For sale of Job 10:
   Debit Accounts Receivable: $43,900
   Credit Work in Process Inventory: $28,900
   Credit Sales Revenue: $43,900

These entries reflect the costs added to the Work in Process Inventory for Jobs 10 and 11, as well as the revenue generated from the sale of Job 10. It is important to accurately record these transactions to track the costs and revenue associated with each job.