The Journal Entry Needed to Record the Completion of a Job

question 139

Multiple Choice

The journal entry needed to record the completion of a job includes a

• A)debit to cost of goods sold.
• B)credit to finished goods inventory.
• C)debit to work in process inventory.
• D)credit to work in process inventory.

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Definitions:

Investment

Allocating monetary assets with the aim of achieving returns or generating revenue.

Property Taxes

Taxes levied by local government on real estate properties, based on the assessed value of the property.

Vendor

A person or company offering something for sale, especially a trader in the goods or services sector.

Purchaser

An individual or entity that buys goods or services.