LO4. What happens when products are completed and sold? a) To transfer finished units to finished goods, the journal entry is to debit and credit b) Journalize for the sale on account of $1,000, the cost of goods sold was $700. Date Accounts and Explanation Debit Credit LO5. How is the manufacturing overhead account adjusted? a) Actual manufacturing overhead is $1,200 and allocated manufacturing overhead is $1,000. Journalize the adjustment required to close out the manufacturing overhead account. Date Accounts and Explanation Debit Credit 2