Asked by Justin Maynes on Jun 18, 2024
Verified
Recording jobs shipped and customers billed would include a debit to
A) Accounts Payable
B) Cash
C) Finished Goods
D) Cost of Goods Sold
Finished Goods
Items that are finished being made but have not been purchased by consumers yet.
Cost of Goods Sold
The total cost of manufacturing or purchasing the goods that a company sold during a specific period.
- Acquire insight into the progression of expenses in a manufacturing context, covering work in progress, finished goods inventory, and the cost associated with goods sold.
- Become familiar with the accounts and entries implicated in job completion and the transition of costs among manufacturing accounts.
Verified Answer
AM
Anjalique MelvinJun 21, 2024
Final Answer :
D
Explanation :
Recording jobs shipped and customers billed involves recognizing the cost of the goods that were sold. This is done by debiting Cost of Goods Sold, which reflects the expense related to the goods that have been sold during the period.
Learning Objectives
- Acquire insight into the progression of expenses in a manufacturing context, covering work in progress, finished goods inventory, and the cost associated with goods sold.
- Become familiar with the accounts and entries implicated in job completion and the transition of costs among manufacturing accounts.