Stinson Company has a production process that involves three processes. Units move through the processes in...

 

Transcribed Image Text:

Stinson Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: O (Click the icon to view the transactions.) Prepare the journal entries for Stinson Company. (Record debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate.) Cost of units completed in the Cutting Department, $10,000 Date Accounts Debit Credit Nov. 30 Cost of units completed in the Stamping Department, $30,000 Date Аccounts Debit Credit Nov. 30 Cost of units completed in the Polishing Department, $37,000 Date Accounts Debit Credit Nov. 30 Sales, $50,000 (Do not record costs as this will be recorded in the next step.) Date Accounts Debit Credit Nov. 30 Cost of goods sold is 60% of sales Date Accounts Debit Credit Nov. 30 ***..... More Info ......... Cost of units completed in the Cutting Department, S10,000 Cost of units completed in the Stamping Department, $30,000 Cost of units completed in the Polishing Department, $37,000 • Sales on account, $50,000 Cost of goods sold is 60% of sales Print Done Stinson Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: O (Click the icon to view the transactions.) Prepare the journal entries for Stinson Company. (Record debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate.) Cost of units completed in the Cutting Department, $10,000 Date Accounts Debit Credit Nov. 30 Cost of units completed in the Stamping Department, $30,000 Date Аccounts Debit Credit Nov. 30 Cost of units completed in the Polishing Department, $37,000 Date Accounts Debit Credit Nov. 30 Sales, $50,000 (Do not record costs as this will be recorded in the next step.) Date Accounts Debit Credit Nov. 30 Cost of goods sold is 60% of sales Date Accounts Debit Credit Nov. 30 ***..... More Info ......... Cost of units completed in the Cutting Department, S10,000 Cost of units completed in the Stamping Department, $30,000 Cost of units completed in the Polishing Department, $37,000 • Sales on account, $50,000 Cost of goods sold is 60% of sales Print Done