During the current month, Reyes Corporation completed Job 310 and Job 312. Job 3

Question

During the current month, Reyes Corporation completed Job 310 and Job 312. Job 310 cost $60,000 and Job 312 cost $50,000. Job 312 was sold on account for $90,000.

Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(To record completion of Jobs 310 and 312)

(b)

(To record sale of Job 312.)

(c)

(To record cost of goods sold for Job 312.)

No.

Account Titles and Explanation

Debit

Credit

(a)

(To record completion of Jobs 310 and 312)

(b)

(To record sale of Job 312.)

(c)

(To record cost of goods sold for Job 312.)

Explanation / Answer

Date Entry Debit Credit Journal entry to record completion of jobs xx/xx/xxxx Finished goods a/c Dr $110,000.00 To   Work in progress a/c Cr $110,000.00 (Being jobs 310 and job 312 transferred to finished goods) Date Entry Debit Credit Journal entry to record sale xx/xx/xxxx Accounts receivable a/c Dr $90,000.00 To Sales $90,000.00 (Being sale of jobs 312 made on account ) Date Entry Debit Credit Journal entry to record sale xx/xx/xxxx Cost of goods sold a/c   Dr $50,000.00 To   Finished goods a/c   Cr $50,000.00 (Being cost of job sold transferred to cost of goods sold)

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