On 30 June,Coraline Company finished job number 750,with total job costs of $4 600,and transferred the costs to Finished goods.On 6 July,they completed the sale of the goods to a customer for $5 100 cash.In order to record the sale,two entries are necessary,one to record revenue,and one to record cost of sales.Which of the following is the correct entry needed to record the revenues?
A) Debit Sales revenue $5 100, credit Cash $5 100
B) Debit cash $5 100, credit Sales revenue $5 100
C) Debit Cost of sales $4 600, credit Sales revenue $4 600
D) Debit Finished goods inventory $4 600, credit Sales revenue $4 600
Correct Answer:
Verified
Q50: At the beginning of 2017,Conway Manufacturing
Q51: At the end of the year,Deltona Company
Q52: At the end of the year,Martin Company
Q54: At the beginning of 2017,Conway Manufacturing
Q56: At the beginning of 2017,Conway Manufacturing
Q58: At 1 January 2017,Feldstein Manufacturing had a
Q59: Overallocated manufacturing overhead occurs when the manufacturing
Q60: On 1 January 1,2017,Matthew Company's Work in
Q93: The cost of goods manufactured is recorded
Q98: When jobs are completed, the total cost
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents