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Johnson Corporation uses job costing in its metal fabrication plant. During February, Job 117 was completed and the scrap generated was not usable by other
Johnson Corporation uses job costing in its metal fabrication plant. During February, Job 117 was completed and the scrap generated was not usable by other jobs. Job 124 was also completed in February, and the scrap created was usable by other jobs. Which journal entry correctly records the sale of scrap from Job 117 for $250?
Question 1Select one:
a.
Cash | 250 |
Work-in-Process | 250 |
b.
Cash | 250 |
Materials Control | 250 |
c.
Cash | 250 |
Manufacturing Overhead Control | 250 |
d.
Cash | 250 |
Sales of Scrap | 250 |
e.
Cash | 250 |
Cash Manufacturing Overhead Allocated | 250 |
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