Score: 0 of 2 pts 2 of 4 (4 complete) HW Score: 40%, 4 of 10 pts E17-22 (similar

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Score: 0 of 2 pts 2 of 4 (4 complete) HW Score: 40%, 4 of 10 pts E17-22 (similar to) ? Question Help | June production generated the following activity in Axle Chassis Company's Work-in-Process Inventory account EE Click the icon to view the activity.) Additionally, Axle has completed Jobs 142 and 143, with total costs of $35,000 and $37,000, respectively. Read the requirements Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June

Explanation / Answer

Journal entry for production completed: Finished Goods inentory Account Dr. 72000      Work in process inventory Account 72000 WORK IN PROCESS INVENTORY Balance 30,000 Finished Goods Inv. 72,000 Raw material Inv. 44,000 Wages Payable 32,000 Manufacturing Overheads 12,800 Balance 46,800 Journal entry for sale: Accounts receivable Account Dr. 54000      Sales revenue Account 54000 Cost of Goods sold Account Dr. 37000     Inventory Account 37000 Gross Profit: Sales revennue 54000 Less: Cost of goods sold 37000 Gross Profit: 17000

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