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24 June, 07:29

Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $930 and sold them on credit to Percy Corporation for $1,335. The complete journal entry to be made by Wyman at the time of this sale is:

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  1. 24 June, 07:40
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    Journal 1

    Cost of Goods Sold $930 (debit)

    Inventory $930 (credit)

    Journal 2

    Trade Receivable - Percy Corporation $1,335 (debit)

    Revenue $1,335 (credit)

    Explanation:

    Journal 1

    Recognise an expense in trading account - Cost of Goods Sold and De-recognise the Assets of Inventory in Financial Position

    Journal 2

    Recognise an Asset - Trade Receivable - Percy Corporation on sale on Account and recognise the Revenue on sale.
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Home » Business » Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $930 and sold them on credit to Percy Corporation for $1,335. The complete journal entry to be made by Wyman at the time of this sale is:
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