At the end of the period, Carson Company had the following balances in selected accounts:Materials $80,000Finished Goods 190,000Work in Process 70,000Cost of Goods Sold 1,000,000Factory Overhead 30,000 Required:a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank. fill in the blank 2f144ff6305f012_2fill in the blank 2f144ff6305f012_3 fill in the blank 2f144ff6305f012_5fill in the blank 2f144ff6305f012_6What does a debit balance mean? b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank. fill in the blank 753e1804505307d_2fill in the blank 753e1804505307d_3 fill in the blank 753e1804505307d_5fill in the blank 753e1804505307d_6What does a credit balance mean?

This is an example of a Factory Overhead Account: Factory Overhead Account Actual Cost X X…

Answered: At the end of the period, Carson…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the end of the period, Carson Company had the following balances in selected accounts:

Materials		$80,000
Finished Goods		190,000
Work in Process		70,000
Cost of Goods Sold		1,000,000
Factory Overhead		30,000

Required:

a. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. If an amount box does not require an entry, leave it blank.

		fill in the blank 2f144ff6305f012_2	fill in the blank 2f144ff6305f012_3
		fill in the blank 2f144ff6305f012_5	fill in the blank 2f144ff6305f012_6

What does a debit balance mean?

b. The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. If an amount box does not require an entry, leave it blank.

		fill in the blank 753e1804505307d_2	fill in the blank 753e1804505307d_3
		fill in the blank 753e1804505307d_5	fill in the blank 753e1804505307d_6

What does a credit balance mean?

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