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: Direct materials used$87,000 Direct labor used 160,000 Predetermined overhead rate (based on direct labor) 155%Goods transferred to finished goods 432,000 Cost of goods sold 444,000 Credit sales 810,000
A. Debit Accounts Receivable $810,000; credit Sales $366,000; credit Finished Goods Inventory $444,000.
B. Debit Accounts Receivable $810,000; credit Cost of Goods Sold $810,000.
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.
Answer: E
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