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Stinson Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The
Stinson Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: (Click the icon to view the transactions.) Prepare the journal entries for Stinson Company. (Record debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate.) 1. Cost of units completed in the Cutting Department, $13,000 Date Nov. 30 Accounts 2. Cost of units completed in the Stamping Department, $23,000 Date Nov. 30 Accounts 3. Cost of units completed in the Polishing Department, $41,000 Date Nov. 30 Accounts Debit Credit Debit Credit Debit Credit 4. Sales, $70,000 (Do not record costs as this will be recorded in the next step.) Date Nov. 30 5. Cost of goods sold is 50% of sales Date Nov. 30 Accounts Debit Credit Accounts Debit Credit
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