Sanders Inc. has applied $567,988 of overhead to jobs in the cost ledger. Actual overhead at the end of the year is $575,000. The adjustment for over or underapplied overhead isa.$7,012 underapplied, decrease Cost of Goods Soldb.$7,012 overapplied, decrease Cost of Goods Soldc.$7,012 underapplied, increase Cost of Goods Soldd.$7,012 overapplied, increase Cost of Goods Sold
On January 1, Fey Properties collected $7,200 for six months' rent in advance from a tenant renting an apartment. Fey Properties prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? A. Debit Unearned rent revenue for $1,200 and Credit Rent revenue for $1,200 B. Debit Cash for $6,000 and Credit Unearned rent revenue for $6,000 C. Debit Rent revenue for $1,200 and Credit Unearned rent revenue for $1,200 D. Debit Cash for $7,200 and Credit Rent revenue for $7,200 E. Debit Unearned rent revenue for $6,000 and Credit Cash for $6,000
