A custom manufacturer completed Jobs 103 and 104. Job 103 cost $12,000 and was sold (on credit)
Question:
A custom manufacturer completed Jobs 103 and 104. Job 103 cost $12,000 and was sold (on credit) for $20,000. Job 104 cost $15,000. Prepare journal entries to record
(a) The completion of both jobs,
(b) The sale of Job 103,
(c) Cost of goods sold for Job 103.
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Journal Entries Transaction Account title and explanation Debit Cred...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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