Dazzle, Inc

question 79

Multiple Choice

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales activities for June. The journal entry to record June sales is:

• A) Debit Accounts Receivable $810,000; credit Cost of Goods Sold $810,000.
• B) Debit Accounts Receivable $810,000; credit Sales $366,000; credit Finished Goods Inventory $444,000.
• C) Debit Cost of Goods Sold $444,000; credit Sales $444,000.
• D) Debit Finished Goods Inventory $444,000; debit Sales $810,000; credit Accounts Receivable $810,000; credit Cost of Goods Sold $444,000.
• E) Debit Accounts Receivable $810,000; credit Sales $810,000; debit Cost of Goods Sold $444,000; credit Finished Goods Inventory $444,000.

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Definitions:

Excise Tax

A specific type of tax levied on particular goods, services, or transactions, often included in the price of items such as gasoline, alcohol, and tobacco.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxes according to governmental regulations.

Marginal Tax Rate

The tax rate that applies to the next dollar of taxable income, indicating the percentage of any additional income that will be paid in taxes.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by the government, after all deductions and exemptions.