During the current month, Reyes Corporation completed Job 310 and Job 312. Job 310 cost $62,890 and Job 312 cost $48,780. Job 312 was sold on account for $88,360. 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.)

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Business

Snoop

30 March, 07:13

During the current month, Reyes Corporation completed Job 310 and Job 312. Job 310 cost $62,890 and Job 312 cost $48,780. Job 312 was sold on account for $88,360. 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.)

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Donovan Whitehead · Answer 1

The journal entries are as follows:

(a)

Finished Goods Inventory A/c Dr. $111,670

To Work in process ($62,890 + $48,780) $111,670

(To record completion of Job 310 and 312)

(b) Accounts receivable A/c Dr. $88,360

To Sales revenue $88,360

(To record sale of Job 312)

(c) Cost of goods sold A/c Dr. $48,780

To Finished goods inventory $48,780

(To record cost of goods sold for job 312)