At December 31, balances in Manufacturing Overhead are Pharoah Company-debit $1,060, Sheridan Company-credit $820. Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Pharoah Company Dec. 31 Sheridan Company Dec. 31 Debit Credit