At the end of the period, Carson Company had the following balances in selected accounts: Required:
a. The factory overhead balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a debit balance. 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. What does a credit balance mean?

Question

At the end of the period, Carson Company had the following balances in selected accounts:  Required: 
a. The factory overhead balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a debit balance. 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. What does a credit balance mean?

Quizplus · Accepted Answer

The Answer of At the end of the period, Carson Company had the following balances in selected accounts:  Required: 
a. The factory overhead balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a debit balance. 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. What does a credit balance mean?

At the End of the Period, Carson Company Had the Following