DURING THE CURRENT MONTH, STANDARD CORPORATION COMPLETED JOB 310 AND JOB 312. JOB 310 COST 70,000 AND JOB 312 COST 50,000. JOB 312 WAS SOLD ON ACCOUNT FOR 90,000. JOURNALIZE THE ENTRIES FOR THE COMPLETION OF THE TWO JOBS AND THE SALE OF JOB 312?
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DURING THE CURRENT MONTH, STANDARD CORPORATION COMPLETED JOB 310 AND JOB 312.
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- In March, Crane Company completes Jobs 10 and 11. Job 10 cost $21,000 and Job 11 $31,000. On March 31, Job 10 is sold to the customer for $35,000 in cash.Journalize the entries for the completion of the two jobs and the sale of Job 10.During the current month, GE completed job 310 and 312, job 310 cost $71000 and job 312 cost $51500. Job 312 was sold on account for $86000. Journalize the entries for the completion of the two jobs and the sale of job 312.CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Price Incurred to Complete Contract Billings 5,000,000 1 5,000,000 3,750,000 5,000,000 2 7,000,000 1,000,000 4,000,000 1,000,000 900,000 1,500,000 900,000 1,000,000 3 2,500,000 1,000,000 If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,000
- During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $ 70,000 and Job 312 cost $ 50,000. Job 312 was sold on account for $ 90,000.Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (To record completion of Jobs 310 and 312) (b) (To record sale of Job 312) (c) (To record cost of goods sold for Job 312)Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Completion and sale of Job 85.CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Billings on Contract Site Contract Cost Estimated Costs to Complete Collections on Price Incurred 3,750,000 1,000,000 Billings 5,000,000 900,000 1,000,000 1 5,000,000 5,000,000 900,000 2 7.000,000 2.500.000 4,000,000 3 1.000,000 1,000,000 1.500,000 1. If the company recoeds revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. S00,000 C 250,000 D. 100,000 2. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 317 A. 5,100,000 8. S00,000 C 250,000 D. 100,000
- cS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Estimated Costs to Complete Site Contract Cost Billings on Collections on Price Incurred Contract Billings 5,000,000 3,750,000 5,000,000 5,000,000 2 7,000,000 1,000,000 4,000,000 900,000 900,000 3 2,500,000 1,000,000 1,000,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. 500,000 C. 250,000 D. 100,000Lincoln Company completed jobs that cost $43,000 to produce. In the same period, the company sold jobs for $82,000 that cost $40,500 to produce. Prepare the journal entries for the completion and sale of the jobs. All sales are on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Prepare the journal entry to record the completion of jobs. Accounts and Explanations Date Debit Prepare the journal entry for the cost to produce the jobs that were sold. Date Accounts and Explanations Prepare the journal entry to record the sale of jobs. (Do not include the cost of the sale in this journal entry, it will be prepared in the next step.) Accounts and Explanations Debit Credit Debit Credit Credit WalleOn May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31
- In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,000 and Job 11 $34,000. On March 31, Job 10 is sold to the customer for $43,300 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 31 (To record the completion of the two jobs) (To record the sale Job 10) (To record the cost of the job sold) Debit Crediton August 4, Carrothers Company purchased on account 31,000 units of materials at $16 per unit. During August, raw materials were requisitioned for production as follows: 7,900 units for Job 50 at $11 per unit and 6,100 units for Job 56 at $16 per unit. Journalize the entry on August 4 to record the purchase. If an amount box does not require an entry, leave it blank. Journalize the entry on August 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank.The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: *