Year end balance - an adjusting entry. It considers under-...

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Year-End Balance At the end of the year, all manufacturing overhead transactions are complete. There is no further opportunity for offsetting events to occur. At this point, Wallace eliminates any balance in Manufacturing Overhead by
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Unformatted text preview: an adjusting entry. It considers under- or overapplied overhead to be an adjustment to cost of goods sold . Thus, Wallace debits underapplied overhead to Cost of Goods Sold . It credits overapplied overhead to Cost of Goods Sold ....
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This note was uploaded on 12/25/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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