Use the Information Below to Answer the Following Question(s)

question 194

Multiple Choice

Use the information below to answer the following question(s) .
Here is some basic data for Wharton Company:

-For Wharton Company the journal entry to close the under or over applied overhead to cost of goods sold is as follows:

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Definitions:

Exports

Goods and services produced in a nation and sold to customers in other nations.

Imports

Goods and services bought by people in one country that are produced in other countries.

Balance

The term can refer to the difference between the sum of all credits and debits in an account, or equilibrium in supply and demand in a market.

Payments

The transfer of money from one party to another in exchange for goods, services, or to fulfill a legal obligation.