In a job order costing system, a company calculates a Predetermined Overhead Allocation Rate at the beginning of the year to allocate the manufacturing overhead job-by-job.

1. By the end of March, the company had incurred $100,000 of actual overhead costs and allocated overhead of $92,000.
   1. Did the company over or under-allocate? (2pts)
   2. Before any adjustment, would the Manufacturing Overhead account have a debit or credit balance? (2pts)
   3. What would be the proper adjusting journal entry at the end of March? (include accounts and amounts) (3pts)