give the journal entry for the completion of a job. how is the accounting equation affected? group of answer choices the underapplied overhead can either be closed out to cost of goods sold or allocated between work in process, finished goods, and cost of goods sold based on the overhead applied during the year in the ending balance in each of these accounts. service companies, like manufacturing companies, work on individual, unique jobs and need to know the cost of the jobs. knowing the full cost of a job allows for better pricing decisions. when a job is completed, finished goods inventory is debited and work-in-process inventory is credited. the effect on the accounting equation is that one asset (finished goods inventory) is increased and another asset (work-in-process inventory) is decreased.