Prepare entries for jobs completed and sold

Prepare entries for jobs completed and sold - (a) Debit...

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Prepare entries for jobs completed and sold. When jobs are completed, companies debit the cost to Finished Goods Inventory and credit it to Work in Process Inventory. When a job is sold, the entries are:
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Unformatted text preview: (a) Debit Cash or Accounts Receivable and credit Sales for the selling price; and (b) debit Cost of Goods Sold and credit Finished Goods Inventory for the cost of the goods...
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This note was uploaded on 12/25/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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