Question

During March, Zea Inc. transferred $55,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $61,000. The journal entries to record these transactions would include a:

Answer 1

Answer:

See below

Explanation:

Given the above information, the journal entries to record these transactions would be ;

Finished goods Dr $55,000

______ Work in process Cr $55,000

(Being record of transfer from work in process to finished goods)

Cost of goods sold Dr $61,000

__________ Finished goods Cr $61,000

(Being record of cost of goods sold)