Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and w account should be credited. Transaction Debit Credit 1. Direct materials are issued into production for a specific job. 2. Salary of the Production Supervisor is payable. 3. Lubricating oil, waste cotton, and solder are used in the factory. Cost of Goods Sold 4. The wages of direct laborers who worked on a particular job are payable. Direct Labor 5. Manufacturing overhead is applied to jobs using a predetermined overhead rate. Finished Goods Manufacturing Overhead Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate which account should be debited and which account should be credited. Transaction Debit Credit 1. Direct materials are issued into production for a specific job. 2. Salary of the Production Supervisor is payable. 3. Lubricating oil, waste cotton, and solder are used in the factory. 4. The wages of direct laborers who worked on a particular job are payable. Cost of Goods Sold Direct Labor 5. Manufacturing overhead is applied to jobs using a predetermined overhead rate. Finished Goods Manufacturing Overhead