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credit inventory, debit cost of good sold.
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Does increase of inventory increase or decrease cash flow?
When adjusting your cash flow statement, you increase (add) a decrease of inventory and decrease (subtract) an increase of 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
Does a reversing entry reverse an adjusting entry or a transaction entry?
Reversing entry can be make to reverse any entry whether it is actual transaction entry or any adjusting entry.
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.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
Does increase of inventory increase or decrease cash flow?
When adjusting your cash flow statement, you increase (add) a decrease of inventory and decrease (subtract) an increase of 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
Does a reversing entry reverse an adjusting entry or a transaction entry?
Reversing entry can be make to reverse any entry whether it is actual transaction entry or any adjusting entry.
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.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
If an adjusting entry is not made for an accrued expense?
If adjusting entry not made then profit will be overstated while the expenses will be understated.
What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
To make an adjusting entry for the accrued commission is what?
Adjusting entry as follows: [Debit] Cash / bank [Credit] Accrued commission
What is the journal entry for inventory spoilage?
Debit inventory spoilageCredit inventory account
Which one of the accounts below would likely be included in an accrual adjusting entry?
Unearned rent would likely be included in an accrual adjusting entry.
How do record journal entry when the inventory is thrown away?
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
