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In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $30,800 and Job 11 $35,000. On March 31, Job 10 is sold to the customer for $42,500 in cash.
Journalize the entries for the completion of the two jobs and the sale of Job 10.

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hyderali230

Answer:

When Job is completed

                                                  Dr.                 Cr.

Finished Goods                    $65,800

Work in process Job 10                           $30,800

Work in process Job 11                            $35,000

When Job 10 is sold

                                                  Dr.               Cr.

Cash / Account Receivable  $42,500

Sales                                                        $42,500

Cost of Goods Sold               $30,800

Finished Goods Inventory                     $30,800

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