The Journal Entry Needed to Record the Completion of a Job

question 87

Multiple Choice

The journal entry needed to record the completion of a job includes a

• A)debit to Cost of Goods Sold account.
• B)debit to Work-in-Process Inventory account.
• C)debit to Finished Goods Inventory account.
• D)debit to Raw Materials Inventory account.

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Definitions:

Taxable Income

Taxable income is the amount of income that is subject to income tax, after deductions and exemptions.

Percent

A method of representing a number as a part of 100.

Straight Commission

A compensation method where an employee or salesperson is paid solely based on the amount of sales generated.

Annual Quota

An annual quota is a fixed limit on the quantity of something that can be produced, imported, or acquired within a single year.