June production generated the following activity in Axle Chassis Company's Work-in-Process Inventory account: (Click the...
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June production generated the following activity in Axle Chassis Company's Work-in-Process Inventory account: (Click the icon to view the activity.) Additionally, Axle has completed Jobs 142 and 143, with total costs of $40,000 and $36,000, respectively. Read the requirements. Requirement 1. Prepare the journal entry for production completed in June. (Prepare a single journal entry for this event. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit June Finished Goods Inventory 75,000 Work-in-Process Inventory 75,000
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