Question

Prepare journal entries to record the following production activities. Transferred completed goods from the Assembly department...

Prepare journal entries to record the following production activities.

  1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $132,000.
  2. Sold $442,000 of goods on credit. Their cost is $153,000.
  • Record the transfer of goods from the assembly department to finished goods.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
1.
  • Record the sale of goods on credit.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
2-a.

Journal entry worksheet

  • Record the cost of goods sold.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
2-b.

Homework Answers

Answer #1
  • Record the transfer of goods from the assembly department to finished goods.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
1. Finished goods 132000
Work in process-Assembly Department 132000
  • Record the sale of goods on credit.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
2-a. Account receivable 442000
Sales revenue 442000

Journal entry worksheet

  • Record the cost of goods sold.

Note: Enter debits before credits.

Transaction General Journal Debit Credit
2-b. Cost of goods sold 153000
Finished goods 153000
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