Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
Recognizing depreciation on manufacturing equipment is an asset use transaction.______
Recognizing depreciation on cars driven by a manufacturing company's executive officers is an asset use transaction.______
Recognizing revenue from the sale of goods a company has manufactured is an asset source transaction.______
Recording the cost of goods sold is an asset exchange transaction.______
If overhead was underapplied during a period,the entry to close the Manufacturing Overhead account would increase cost of goods sold.______