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At the end of the period, Carson Company had the following balances in selected accounts: Materials...

At the end of the period, Carson Company had the following balances in selected accounts: Materials $ 80,000 Finished goods 190,000 Work in process 70,000 Cost of goods sold 1,000,000 Factory overhead 30,000 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? Refer to the Chart of Accounts for exact wording of account titles.

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