At the end of the year if Manufacturing Overhead is over-applied by $7,000. Which of the following would be the correct adjusting journal entry? Group of answer choices DEBIT: Manufacturing Overhead $7,000; CREDIT: Cost of Goods Manufactured $7,000 DEBIT: Cost of Goods Manufactured $7,000; CREDIT: Manufacturing Overhead $7,000 DEBIT: Cost of Goods Sold $7,000; CREDIT: Manufacturing Overhead $7,000 DEBIT: Manufacturing Overhead $7,000; CREDIT: Cost of Goods Sold $7,000

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.