The Journal Entry to Record the Completion of a Contract

question 125

Multiple Choice

The journal entry to record the completion of a contract in a job costing system for a service firm is:
$$\begin{array} { | l | l | l | l | } \hline \text { A } & \text { Cost of Services Billed } &\text { x x x }& \\\hline & \text { Wages Payable } & & \text {x x x} \\\hline\end{array}$$
$$\begin{array} { | l | l | c | c | } \hline \text { B. } & \text { Work-In-Process Inventory } & \text {x x x} & \\\hline & \text { Wages Payable } & &\text { x x x} \\\hline\end{array}$$
$$\begin{array} { | l | l | c | c | } \hline \text { C. } & \text { Cost of Services Billed } &\text { x x x }& \\\hline & \text { Work-In-Process Inventory } & & \text {x x x} \\\hline\end{array}$$
$$\begin{array} { | l | l | c | c | } \hline \text { D. } & \text { Finished Goods Inventory } & \mathrm { xxx } & \\\hline & \text { Wark-In-Process Inventory } & & \mathrm { xxx } \\\hline\end{array}$$

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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Definitions:

Intercultural Contact

The interaction between people from different cultural backgrounds, which can lead to increased understanding or cultural exchange.

Outgroup Stereotypes

Preconceived notions or generalized beliefs about groups that individuals do not identify as belonging to, often leading to biased judgments.

Cross-Cultural Relationships

Interactions or associations between individuals from different cultural backgrounds.

Traditional Culture

A set of practices, beliefs, and objects passed down within a community, which form the basis of its heritage and identity.