Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost...
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Accounting
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $940 and sold them on credit to Percy Corporation for $1,355. The complete journal entry to be made by Wyman at the time of this sale is:
Debit Accounts Receivable $1,355; credit Sales $1,355; debit Cost of Goods Sold $940; credit Finished Goods Inventory $940.
Debit Accounts Receivable $1,355; debit Selling expense $940; credit Sales $1,355; credit Cost of Goods Sold $940.
Debit Cost of Goods Sold $1,355; credit Sales $1,355.
Debit Finished Goods Inventory $940; debit Sales $1,355; credit Accounts Receivable $1,355; credit Cost of Goods Sold $940.
