Question

In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,000 and Job 11 $34,000. On March 31, Job 10 is sold to the customer for $43,300 in cash.

Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Mar. 31	enter an account title to record the completion of the two jobs on March 31	enter a debit amount	enter a credit amount
	enter an account title to record the completion of the two jobs on March 31	enter a debit amount	enter a credit amount
	(To record the completion of the two jobs)
31	enter an account title to record the sale Job 10	enter a debit amount	enter a credit amount
	enter an account title to record the sale Job 10	enter a debit amount	enter a credit amount
	(To record the sale Job 10)
31	enter an account title to record the cost of the job sold	enter a debit amount	enter a credit amount
	enter an account title to record the cost of the job sold	enter a debit amount	enter a credit amount
	(To record the cost of the job sold)

Answer 1

Date	Account Titles and Explanation	Debit	Credit
Mar. 31	Finished Goods Inventory	61000		=27000+34000
	Work in Process Inventory		61000
	(To record the completion of the two jobs)
Mar. 31	Cash	43300
	Sales Revenue		43300
	(To record the sale Job 10)
Mar. 31	Cost of Goods Sold	27000
	Finished Goods Inventory		27000
	(To record the cost of the job sold)