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Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $820 and sold them on credit to Percy Corporation
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $820 and sold them on credit to Percy Corporation for $1, 115. The complete journal entry to be made by Wyman at the time of this sale is: Debit Accounts Receivable $1, 115: credit Sales $1, 115: debit Cost of Goods Sold $820. credit Finished Goods inventory $820. Debit Accounts Receivable $1, 115: credit Sales $295: credit Finished Goods inventory $820. Debit Cost of Goods Sold $1.115: credit Sales $1, 115 Debit Finished Goods Inventory $820 debit Sales $1, 115: credit Accounts Receivable $1, 115 credit Cost of Goods Sold $820 Debit Accounts Receivable Debit Accounts Receivable $1, 115: debit Selling expense $820, Credit Sales $1, 125: credit Cost of Goods Sold $820
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