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Prepare journal entries to record the following production activities. Transferred completed goods from the...

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Accounting

Prepare journal entries to record the following production activities.

  1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $132,000.
  2. Sold $442,000 of goods on credit. Their cost is $153,000.
  • Record the transfer of goods from the assembly department to finished goods.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
1.

  • Record the sale of goods on credit.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
2-a.

Journal entry worksheet

  • Record the cost of goods sold.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
2-b.

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