QS 15-12 Entry for over- or underapplied overhead LO P4 A company's Factory Overhead account shows total debits of $632,000 and total credits of $766,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Factory Overhead View transaction list Journal entry worksheet A Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal