For each of the journal entries below,write a description of the underlying event.Assume that for prepaid expenses original debits are made to an expense account.
Definitions:
Job Order System
A method of assigning costs to specific production batches or jobs and is used in manufacturing industries where customization or unique products are produced.
Cost Of Production Report
A document that details the total cost and production quantities of a product or products over a specified period of time.
Job Cost Cards
Documents used to record and track the costs associated with a specific job or project, aiding in the calculation of profitability and efficiency.
Equivalent Units
A concept used in cost accounting to express the amount of work done by incomplete units in terms of complete units of output.
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