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Journalize the entry on aug 31 to record the jobs completed

Problem - The following account appears in the ledger prior to recognizing the jobs completed in August:

Balance, August 1 $ 60,000

Direct materials 325,000

Direct labor 462,000

Factory overhead 210,000

Jobs finished during August are summarized as follows:

Job 210 $197,800

Job 216 240,000

Job 224 160,000

Job 230 364,000

Required:

A. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles.

B. Determine the cost of the unfinished jobs at August 31.

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Accounting Basics: Journalize the entry on aug 31 to record the jobs completed

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Accounting Basics: Journalize the entry on aug 31 to record the jobs completed

Reference No:- TGS02847765

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