Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000
Question:
Mynex Company completes Job No. 26 at a cost of
$4,500 and later sells it for $7,000 cash. A correct entry is:
(a) Debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.
(b) Debit Cost of Goods Sold $7,000 and credit Finished Goods Inventory $7,000.
(c) Debit Finished Goods Inventory $4,500 and credit Work in Process Inventory $4,500.
(d) Debit Accounts Receivable $7,000 and credit Sales $7,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answered By
Faith maroa
As a mathematics expert, I bring a wealth of knowledge and experience to education and tutoring. With a commitment to clarity, I specialize in providing step-by-step solutions, ensuring that students grasp concepts thoroughly. My expertise extends beyond traditional teaching environments, as I have actively contributed to various question-and-answer platforms. This multifaceted experience has honed my ability to cater to diverse learning styles, fostering comprehensive understanding. Whether simplifying complex problems or engaging with students online, my dedication to excellence in education remains unwavering, creating an environment where learning is accessible, enjoyable, and impactful.
0 Reviews
10+ Question Solved
Related Book For 
Accounting Tools For Business Decision Making
ISBN: 9780470534786
4th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
