A company's Factory Overhead account shows total debits of $624,000 and total credits of $676,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. View transaction list Journal entry worksheet A Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal