At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead account of $820. Which of the following is the year−end adjusting entry needed to adjust the account? A. A debit to Cost of Goods Sold of $820 and a credit to Manufacturing Overhead of $820 B. A debit to Cost of Goods Sold of $820 and a credit to Finished Goods Inventory of $820 C. A debit to Manufacturing Overhead of $820 and a credit to Cost of Goods Sold of $820 D. A debit to Manufacturing Overhead of $820 and a credit to Finished Goods Inventory of $820
At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead account of $820. Which of the following is the year−end adjusting entry needed to adjust the account? A. A debit to Cost of Goods Sold of $820 and a credit to Manufacturing Overhead of $820 B. A debit to Cost of Goods Sold of $820 and a credit to Finished Goods Inventory of $820 C. A debit to Manufacturing Overhead of $820 and a credit to Cost of Goods Sold of $820 D. A debit to Manufacturing Overhead of $820 and a credit to Finished Goods Inventory of $820
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead account of $820. Which of the following is the
adjusting entry needed to adjust the account?
year−end
A debit to Cost of Goods Sold of $820 and a credit to Manufacturing Overhead of $820
A debit to Cost of Goods Sold of $820 and a credit to Finished Goods Inventory of $820
A debit to Manufacturing Overhead of $820 and a credit to Cost of Goods Sold of $820
A debit to Manufacturing Overhead of $820 and a credit to Finished Goods Inventory of $820
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