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In March, Stinson Company completes Jobs 10 and 11.
Job 10 cost $21,400 and Job 11 $35,000.
On March 31, Job 10 is sold to the customer for $38,000 in cash.
Journalize the entries for the completion of the two jobs and the sale of Job 10.

Date Account Titles and Explanation Debit Credit

Mar. 31

(To record the completion of the two jobs)

31

(To record the sale Job 10)

31


(To record the cost of the job sold)

Respuesta :

Answer:

The journal entries are as follows:

(i) On March 31,

Finished Goods A/c Dr. $56,400

           To Work in Process        $56,400

(To record the completion of the two jobs)

(ii) On March 31,

Cash A/c Dr. $38,000

  To sales                    $38,000

(To record the sale Job 10)

(iii) On March 31,

Cost of goods sold A/c Dr. $21,400

            To finished goods                 $21,400

(To record the cost of the job sold)

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