Indicate whether each of the following statements is true or false.

Recognizing depreciation on manufacturing equipment is an asset

use transaction.

Recognizing depreciation on cars driven by a manufacturing

company's executive officers is an asset use transaction.

Recognizing revenue from the sale of goods a company has

manufactured is an asset source transaction.

Recording the cost of goods sold is an asset exchange transaction.

If overhead was underapplied during a period, the entry to close the

Manufacturing Overhead account would increase cost of goods sold.