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Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $960 and sold them on credit to Percy Corporation
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $960 and sold them on credit to Percy Corporation for $1,395. The complete journal entry to be made by Wyman at the time of this sale is: Multiple Choice Debit Accounts Receivable $1,395; credit Sales $1,395; debit Cost of Goods Sold $960; credit Finished Goods Inventory $960. Debit Accounts Receivable $1,395; credit Sales $435; credit Finished Goods Inventory $960. Debit Cost of Goods Sold $1,395; credit Sales $1,395. O Debit Finished Goods Inventory $960; debit Sales $1,395; credit Accounts Receivable $1,395; credit Cost of Goods Sold $960. Debit Accounts Receivable $1,395; debit Selling expense $960; credit Sales $1,395; credit Cost of Goods Sold $960
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