Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $11,500. The car was delivered to the customer, who paid $16,200 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale. View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods.

Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $11,500. The car was delivered to the customer, who paid $16,200 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale. View transaction list Journal entry worksheet < 1 2 3 Record transfer of cost of completed job to Finished Goods.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3. Job 113 was completed at a cost of $5,000, and Job 85 was completed at a cost of $3,000 and sold on account for $4,500. Work in Process Inventory Cost of Goods Sold Finished Goods Inventory Manufacturing Overhead Sales Accounts Payable Accounts Receivable Direct Materials Merchandise Inventory PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Using the above accounts, prepare journal entries for the following transactions: Completion of Job 113: DR ? ? CR ? ? Completion of Job 85: DR ? ? CR ? ? Sale of Job 85: DR ? ? CR ? ? DR ? ? CR ? ?
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Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Completion and sale of Job 85.
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Manor Painting is a commercial Interior and exterior painting contractor specializing in commercial buildings. An Inventory of materials and equipment is on hand at all times, so work can start as quickly as possible. Special equipment is ordered as required. On August 1, the Materials Inventory account had a balance of $54,000. The Work-in-Process Inventory account is maintained to record costs of work not yet complete. There were two such jobs on August 1 with the following costs: Materials and equipment Direct labor (wages payable) Other August Events Materials and equipment Direct labor Overhead (applied) Overhead has been applied at 40 percent of the costs of direct labor using an annual rate. During August, Manor Painting started two new jobs. Additional work was carried out on Jobs 84 and 87. Job 87 was completed and billed to the customer. Details on the costs incurred on jobs during August follow: Job 84 $ 23,100 20,300 8,120 Property taxes Storage area rental Truck and…
I am working on T accounts for the Polaris Company using a job-cost order and I am stuck on this attached problem. Can you show me how to find the missed problems. Thank you.
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