At Year-End,Marshall Enterprise's Factory Overhead Account Has a Credit Balance

question 113

Multiple Choice

At year-end,Marshall Enterprise's Factory Overhead account has a credit balance of $5,000,which is not a material amount.What entry should Marshall make at year-end?

• A)No entry is needed.
• B)Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000.
• C)Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000.
• D)Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000.
• E)Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.

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Definitions:

Federal Competition Act

Legislation aimed at promoting and maintaining fair competition practices in the marketplace by regulating anti-competitive practices in a federal jurisdiction.

Contributions

Donations or payments made towards a particular cause, project, or to fulfill a requirement in a group effort.

Dwellings

Residential structures where people live, such as houses, apartments, and other habitable buildings.

Consumers

Individuals or groups who purchase goods and services for personal use.