Journal Entries for Factory Overhead Huang Company manufactures toys. It keeps a factory overhead account where actual factory overhead costs are recorded as a debit, and factory overhead applied is recorded as a credit. At the end of the month, under- or overapplied factory overhead is calculated and transferred to the cost of goods sold account. For the month of January, Huang had the following overhead transactions. Jan. 1 Paid rent, $1,180. 10 Paid electricity bill, $230. 15 Paid repair expense, $1,500. 21 Vacation pay for machine operator, $540 (Wages Payable). 31 Depreciation expense for the month, $440. 31 Factory overhead applied was $3,670. Make appropriate general journal entries to record factory overhead and factory overhead applied, and to close the under- or overapplied factory overhead to the cost of goods sold account. If an amount box does not require an entry, leave it blank. Note: For January 31, record the entry to apply the factory overhead first. Then make the appropriate entry to record any underapplied or overapplied factory overhead. DATE Page: 1 DOC. POST. ACCOUNT TITLE NO. REF. DEBIT CREDIT 1 20- Jan. 1 2 3 4 Jan. 10 5 6 7 Jan. 15 8 I 2 3 8 9 10 Jan. 21 11 12 13 Jan. 31 14 15 16 Jan. 31 17 18 19 20 21 10 11 12 12 13 14 15 16 17 18 19 20 21