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What is the adjusting entry to decrease inventory?
credit inventory, debit cost of good sold.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
What are the accounting journal entries to record the adjusting entry in a periodic system with an ending inventory of 15000 and a starting inventory of 20000?
Debit inventory expenses 5000Credit inventory account 5000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
What is the adjusting entry to decrease inventory?
credit inventory, debit cost of good sold.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
What are the accounting journal entries to record the adjusting entry in a periodic system with an ending inventory of 15000 and a starting inventory of 20000?
Debit inventory expenses 5000Credit inventory account 5000
At the end of the month the adjusting journal entry relating to the use of supplies would include a?
debit supplies expensescredit supplies inventory
How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
What is the journal entry for inventory spoilage?
Debit inventory spoilageCredit inventory account
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
What is the Utility expenses incurred but not paid adjusting entry?
This is adjusting entry for Accrued Expenses in the current accounting period, where you debit adjusting entry on expenses (Utility Expenses) account and credit adjusting entry on liabilities (Utilities Payable) account.
What is the journal entry for owner taking inventory from business?
Debit drawings accountCredit inventory account
The entry to record the return of merchandise from a customer would include what?
debit to sales
