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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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Answer:

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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