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How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
Wiki User
∙ 9y ago
debit owners equity 70000
credit inventory 70000
Wiki User
∙ 9y ago
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Merchandise inventory is reported as a long-term asset on the balance sheet?
7
Does consignment stock have to be reported as inventory?
Yes, consignment stock must be recorded and reported. It is a non-asset inventory and must be documented.
Accrued revenue is reported and recorded when?
the moment the transaction occurs not when you receive the money
Where is inventory is reported in financial statement?
Value of Inventory is an asset on the balance sheet.
The revenue recognition concept states that revenue should be recorded in the same period as the cash is received?
False Because it determines when revenue is credited to a revenue account. Cash method means the transaction is reported when cash is received, but the revenue recognition concept means a transaction is reported as a sale even if no money has been paid. Cash basis does not recognize payable or receivable accounts.
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
Merchandise inventory is reported as a long-term asset on the balance sheet?
7
Does consignment stock have to be reported as inventory?
Yes, consignment stock must be recorded and reported. It is a non-asset inventory and must be documented.
Accrued revenue is reported and recorded when?
the moment the transaction occurs not when you receive the money
Is inventory reported at cost or retail for balance sheet reporting?
Inventory is recorded at the lower of cost or market value.
The Cost of Goods Sold account is classified as?
Expense on the income statement. The COI or Merchandise Inventory is reported on the balance sheet as an asset.
Are temporary investments are reported on the balance sheet at cost?
NO,Inventory is recorded at the lower of cost or market value.
Where is inventory is reported in financial statement?
Value of Inventory is an asset on the balance sheet.
Can advertising expenses reported as inventory?
well no you cant
The revenue recognition concept states that revenue should be recorded in the same period as the cash is received?
False Because it determines when revenue is credited to a revenue account. Cash method means the transaction is reported when cash is received, but the revenue recognition concept means a transaction is reported as a sale even if no money has been paid. Cash basis does not recognize payable or receivable accounts.
Is every financial transaction reported to all the credit bureaus?
No, just the delinquency history and balances
How do you figure Cost of Merchandise Sold?
in 2007, best buy reported revenue of $35,934 million. its gorss profit was $8,679 million. what was the amount of of best buy's cost of merchandise sold
