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 $60,930 and Job 312 cost $47,750. Job 312 was sold on account for $92,050.

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

Finished goods 108,680 To WIP(60,930 +47,750) $108,680 Accounts receivable $92,050 To sales $92,050 Cost of goods sold $47,750 To finished goods $47,750

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