The journal entries to record the transactions would include a credit to work in process of $62,000.
Journal entries describe how transactions influence accounts and balances and serve as a simple record of all transactions that a business makes. The information in journal entries, which come in a variety of formats to suit corporate requirements, serves as the foundation for all financial reporting.
Although journal entries may include many data points following are the primary ones :
Journal entries may also contain other pertinent information for the company, such as the subsidiary or subsidiaries participating in the transaction and the currency or currencies used.
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