The journal entry to record a completed job debits blank______. – The journal entry to record a completed job debits blank ______. This entry is an essential part of the accounting process for businesses that provide services or produce goods. It allows companies to track the costs associated with completing a job and to recognize the revenue earned from the job.
The debit portion of the entry records the costs incurred to complete the job, while the credit portion records the revenue earned.
The accounts debited in a completed job entry will vary depending on the nature of the job and the accounting method used by the company. However, some common accounts that may be debited include:
The Journal Entry to Record a Completed Job
The journal entry to record a completed job debits the following accounts:
- Cost of goods sold
- Inventory
- Finished goods
The purpose of debiting these accounts is to recognize the expense of the job and to remove the job from the inventory. The debit to cost of goods sold increases the expense on the income statement, while the debit to inventory decreases the asset on the balance sheet.
FAQ: The Journal Entry To Record A Completed Job Debits Blank______.
What is the purpose of the journal entry to record a completed job?
The purpose of the journal entry to record a completed job is to track the costs and revenue associated with completing a job, and to ensure that the financial statements are accurate.
What accounts are typically debited in a completed job entry?
The accounts debited in a completed job entry will vary depending on the nature of the job and the accounting method used by the company. However, some common accounts that may be debited include:
- Cost of goods sold
- Inventory
- Wages expense
- Overhead expense
What is the impact of debiting cost of goods sold on the income statement?
Debiting cost of goods sold on the income statement will reduce the gross profit and net income of the company.
