During March, Zea Incorporated transferred $70,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $

Question

elena-14-01-66 [18.8K]

2 years ago

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During March, Zea Incorporated transferred $70,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $

76,000. The journal entries to record these transactions would include a:

Business

1 answer:

Cerrena [4.2K] · Answer 1 · 2023-05-02T03:06:37+03:00

The journal entry that can be used to record these transactions will be credit to finished goods of $67,000.

<h3>What is a journal entry?</h3>

A journal entry is simply used to record a business transaction in the accounting records of a business.

Since the company transferred $70,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $76,000, the journal entry that can be used to record these transactions will be credit to finished goods of $67,000.

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