During the current month GE completed job 310 and 312 job 31

During the current month, GE completed job 310 and 312, job 310 cost $71000 and job 312 cost $51500. Job 312 was sold on account for $86000. Journalize the entries for the completion of the two jobs and the sale of job 312.

Solution

When Job 310 and 312 were completed

When the Completed Job is sold

Transfer to Cost of goods sold and then pass the sales entry