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