The Journal Entry to Record the Completion of Goods Includes

question 24

Multiple Choice

The journal entry to record the completion of goods includes:

• A) a credit to Conversion Costs.
• B) a credit to Work in Process Inventory.
• C) a credit to Finished Goods Inventory.
• D) a credit to Cost of Goods SolD.
• When goods are completed, the cost is debited to Finished Goods Inventory and credited to Work in Process Inventory.

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Definitions:

Face Value

The nominal value printed on a financial instrument, such as a bond or a stock certificate.

Semiannual Interest

Interest on a loan or bond that is calculated and paid twice a year.

Face Value

The nominal or dollar value printed on a bond, note, or other financial instrument, representing the amount due at maturity.

Journal Entries

Are the record of all transactions a company makes, detailed by date, in the accounting system.