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DEBIT
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∙ 13y ago
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Does inventory have a credit or debit balance account?
Debit
Is inventory a credit or debit?
Inventory is an asset, and so it is a debit to increase, and a credit to decrease.
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
Is merchandise inventory is a credit or debit?
debit
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
Does inventory have a credit or debit balance account?
Debit
Is Spare parts Inventory debit or credit?
If the inventory is fiananced it is debit... If you own it is credit...
Is inventory a credit or debit?
Inventory is an asset, and so it is a debit to increase, and a credit to decrease.
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
What are the accounting journal entries to write off stock?
To write off stock in accounting, the journal entries would be to debit the inventory account and credit the expense account, such as "Inventory write-off" or "Loss on inventory write-off." Additionally, if applicable, debiting any allowance for obsolete or damaged inventory account and crediting the inventory account would be necessary. The total debit amount should equal the total credit amount in the journal entry.
Does inventory have a debit or credit balance?
Debit
Is merchandise inventory is a credit or debit?
debit
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
If you sold 1000.00 of inventory for 2000.00 on account where would you post these transactions in quiken?
Debit Accounts Receivable 2000 Debit Cost of Goods Sold 1000 Credit Sales 2000 Credit Inventory 1000
Is Ending Inventory a debit or credit?
credit
What are the similarities between perpetual and periodic inventory system?
Perpetual: All inventory entries directly affect inventory Periodic: All inventory entries affect other accounts, which are then closed to inventory. Example: A company purchased $100 worth of inventory on account Perpetual: Inventory (Debit) 100 Accounts Payable (Credit) 100 Periodic Purchases (Debit) 100 Accounts Payable (Credit) 100 Later with Periodic (usually at the end of the reporting period) Inventory (Debit) 100 Purchases (Credit) 100 This last entry closes purchases and updates your inventory account.
Does inventory carry a debit or credit balance?
debit buddy
