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What are the accounting journal entries to record imported inventory including custom duty and taxes?
Wiki User
∙ 10y ago
1) stock-in-transit(bank charges) 10
to bank 10
2) stock-in-transit(invoice value) 80
to supplier 80
3) stock-in-transit(clearing charges) 20
income tax(if claimable) 10
to clearing agent 30
4) clearing agent 30
to bank 30
5) supplier 80
to bank 80
6) inventory(10+80+20) 110
to stock-in-transit 110
Wiki User
∙ 10y ago
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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 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 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 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 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 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 are the accounting entries to record a gratis sale?
Gifts / Donation / Charity Account - DR Inventory / Sales Account - CR
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 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.
What are the accounting journal entries to record a down payment of inventory in one year and the receipt of the merchancise in the following year?
debit down paymentcredit bank
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 accounting journal entries to record a purchase of inventory at a distressed price?
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.
