At the end of the year, Martin Company has a preliminary credit balance in the Manufacturing overhead account of $95. Please provide the year-end adjusting entry needed to clear the balance to zero.
Definitions:
Journal Entry
A journal entry in accounting is a record of a financial transaction, entering it into the accounting records of a business.
Book Value
The net value of an asset or liability according to its balance sheet account balance, calculated as original cost minus depreciation, amortization, or impairment costs.
Straight-Line Method
A depreciation technique that allocates an equal portion of the initial cost of an asset to each year of the asset's useful life.
Depreciation Expense
The annual charge to expense part of the cost of a tangible asset over its expected service life.
Q43: Internal failure costs occur when poor-quality goods
Q63: The gross profit percentage is an indicator
Q66: Dalian Company provides the following information: <img
Q68: Sleep Tight Company manufactures pillows using an
Q71: Selling and administrative expenses are subtracted from
Q72: Bainbridge Services reported the following information for
Q74: A company reports total assets of $525,000
Q106: The net income for the year ended
Q113: Which of the following applies to the
Q157: Wright Company reports production costs for 2012