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Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credit to Percy Corporation for $1, 075. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1, 075: Credit sales $275; credit Finished Goods Inventory $800. Debit Finished Goods Inventory $800; debit Sales $1, 075; credit Accounts Receivable $1, 075; credit Cost of Goods sold $800. Debit Cost of Goods sold $1, 075; credit sales $1, 075. Debit Accounts Receivable $1, 075: debit Selling expense $800: credit sales $1, 075: credit Cost of Goods sold $800. Debit Accounts Receivable $1, 075; credit sales $1, 075; debit Cost of Goods sold $800; credit Finished Goods Inventory $800
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