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Opening inventory Debit Cost of Sales Credit Inventory - balance sheet Closing inventory Debit Inventory - balance sheet Credit Cost of Sales An opening inventory is a debit as it is an increase is expenses as the opening inventory is expected to be sold in the coming accounting period. and any thing that is spent to provide goods or services to a customer is an expense.

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โˆ™ 2009-08-07 22:55:41
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Q: Is open inventory a debit or credit?
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Related questions

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.

Is merchandise inventory is a credit or debit?


Is inventory a Debit or Credit account?


Is Ending Inventory a debit or credit?


Does inventory have a credit or debit balance account?


Does inventory carry a debit or credit balance?

debit buddy

What is the journal entry for inventory?

debit inventorycredit cash

Does inventory normally have a credit balance?

No, inventory is an assets, which normal balance is a debit.

What is the journal entry for inventory spoilage?

Debit inventory spoilageCredit inventory account

What is the adjusting entry to decrease inventory?

credit inventory, debit cost of good sold.

What is the journal entry to record sale of obsolete inventory?

Debit cash / bankdebit loss (if any)Credit inventory account

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

What are the accounting journal entries to record a prepaid inventory?

Debit prepaid inventoryCredit cash / bank

What is the journal entry for owner taking inventory from business?

Debit drawings accountCredit inventory account

What is the journal entry if the company paid for inventory with a credit card?

debit purchasescredit bank

What is The journal entry to record the purchase of inventory included a debit to?

[Debit] Purchases [Credit] Cash / bank / accounts payable

What is the journal entry to record materials issued into production?

debit WIP Credit labor, Raw materials

A company using a perpetual inventory system that returns goods previously purchased on credit would?

Debit Sales and credit Accounts Payable.

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

What is journal entry for when goods are received?

debit goods / inventorycredit accounts payable

Journal entry to record sale of inventory?

debit accounts receivablecredit sales

Accounting entry for capitalization of inventory as fixed assets?

Debit Depreciation Expense Credit Accumulated Depreciation

Journal entry for supplies used?

Debit supplies expensesCredit supplies inventory

What will be the journal entry for supplies issued?

Debit supplies expensesCredit supplies inventory