Eisenhower Company completed jobs that cost $43,000 to produce In the same penod

Question

Eisenhower Company completed jobs that cost $43,000 to produce In the same penod, the company sold jobs for $84,000 that cost $41,00 to produce. Prepare the journal entries tor the completion and sales of the jobs All sales are on account. (Record debits Prepare the journal entry to record the completion of jobs first then credits. Exclude explanations from any journal entries Check your spelling carefully and do not abbreviate) Date Accounts Debit Credit Enter any number in the edit fields and then continue to the next question O Type here to search 5 6 2

Explanation / Answer

Journal entries are below

Event General Journal Debit Credit 1 Finished Goods $43000 Work in process inventory $43000 (to record jobs completion) 2 Accounts Receivable $84000 Sales Revenue $84000 (to record sales) 3 Cost of Goods sold $41000 Finished Goods $41000 (to record cost of sales)

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