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What are the accounting journal entries to record a purchase of inventory at a distressed price?
Wiki User
∙ 9y ago
If the inventory has some value then it must be entered in a new general ledger expense account and have a new contra asset account for the items. Enter the estimated value as a debit to the inventory obsolescence account and then credit it to the inventory reserve account.
Wiki User
∙ 9y ago
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What are the accounting journal entries to record a purchase of inventory on credit with payment terms and delivery terms of FOB destination?
In the accounting journal, enter the bill amount for the inventory under the credit column. Under the debit column, enter the payments made towards the inventory.
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
What are the disadvantages of a periodic inventory system?
The perpetual inventory system is more complicated, requires more accounting entries and is more costly the periodic inventory system does.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
What are the accounting journal entries for owner withdrawing supplies?
debit drawings accountcredit supplies inventory
What are the accounting journal entries to record a purchase of inventory on credit with payment terms and delivery terms of FOB destination?
In the accounting journal, enter the bill amount for the inventory under the credit column. Under the debit column, enter the payments made towards the inventory.
What are the accounting journal entries to record a purchase of inventory?
[Debit] Purchases xxxx [Credit] Cash / bank xxxx [Credit] Accounts payable xxxx (if purchased on credit)
What are the disadvantages of a periodic inventory system?
The perpetual inventory system is more complicated, requires more accounting entries and is more costly the periodic inventory system does.
What are the disadvantages of periodic inventory system?
The perpetual inventory system is more complicated, requires more accounting entries and is more costly the periodic inventory system does.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
What are the accounting journal entries for owner withdrawing supplies?
debit drawings accountcredit supplies 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
What are the accounting journal entries to record a sale of inventory with discount?
debit accounts receivablecredit sales revenue
What the accounting journal entries to record purchase of basketball?
debit basketballcredit cash
What are the accounting journal entries to record inventory movements?
Increase Inventory - Purchase Dr - InventoryCr - Accounts Payable or CashIncrease Inventory - Manufacturing Completion Dr - Inventory (Finished Goods)Cr - Work in Process or Raw Materials Movement in Manufacturing - Beginning Production Dr - Inventory - Work In ProcessCr - Inventory - Raw Materials Sale of Inventory Dr - Accounts Receivable or CashCr - Inventory - Finished Goods
What are the accounting entries to record a gratis sale?
Gifts / Donation / Charity Account - DR Inventory / Sales Account - CR
Accounting entries for the purchase of extension sockets?
[Debit] Extension sockets expense [Credit] Cash
