### Recording Journal Entries for Production ActivitiesThis tutorial illustrates the process of recording journal entries for specific production activities. Follow the steps below to learn how to document these transactions accurately.#### Step 1: Overview of Transactions1. Transferred completed goods from the Assembly department to Finished Goods Inventory. The goods' cost is $143,000.2. Sold goods worth $451,000 on credit. Their cost is $166,000.#### Step 2: Using the Journal Entry WorksheetThe journal entry worksheet provided below helps you record these transactions:##### Transaction 1**Description:**Record the transfer of goods from the Assembly department to Finished Goods Inventory.**Instructions:**- Enter debits before credits.- Use the General Journal section to capture the details.```plaintext| Transaction | General Journal | Debit | Credit ||-------------|----------------------------------------|----------|----------|| 1. | Finished Goods Inventory | 143,000 | || | Assembly Dept. (Work in Process) | | 143,000 |```##### Transaction 2**Description:**Record the sale of goods, including the revenue earned from the sales and the cost of goods sold.```plaintext| Transaction | General Journal | Debit | Credit ||-------------|----------------------------------------|----------|----------|| 2. | Accounts Receivable | 451,000 | || | Sales Revenue | | 451,000 || | Cost of Goods Sold | 166,000 | || | Finished Goods Inventory | | 166,000 |```#### Important Notes:- Ensure every entry has equal debit and credit amounts to maintain a balanced ledger.- Review and verify each transaction for accuracy.By following these steps, you can accurately document and manage the flow of goods and sales within a production environment.

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Description: ### Recording Journal Entries for Production ActivitiesThis tutorial illustrates the process of recording journal entries for specific production activities. Follow the steps below to learn how to document these transactions accurately.#### Step 1:

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Business

Accounting

Prepare journal entries to record the following production activities. 1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $143,000. 2. Sold $451,000 of goods on credit. Their cost is $166,000. View transaction list Journal entry worksheet < 1 2 3 Record the transfer of goods from the assembly department to finished goods. Note: Enter debits before credits. Transaction General Journal Debit Credit 1.

Prepare journal entries to record the following production activities. 1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $143,000. 2. Sold $451,000 of goods on credit. Their cost is $166,000. View transaction list Journal entry worksheet < 1 2 3 Record the transfer of goods from the assembly department to finished goods. Note: Enter debits before credits. Transaction General Journal Debit Credit 1.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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