Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completionand sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Prepare the journal entry to record the completion of jobs.Accounts and ExplanationsDateDebitPrepare the journal entry for the cost to produce the jobs that were sold.DateAccounts and ExplanationsPrepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.)Accounts and ExplanationsDebitCreditDebitCreditCreditWalle

Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Date Accounts and Explanations Prepare the journal entry for the cost to produce the jobs that were sold. Accounts and Explanations Debit Date Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Date Accounts and Explanations Debit CI Debit Credit Credit Credit

Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Date Accounts and Explanations Prepare the journal entry for the cost to produce the jobs that were sold. Accounts and Explanations Debit Date Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Date Accounts and Explanations Debit CI Debit Credit Credit Credit

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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