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What is the format of the a journal entry to record the sale of inventory on account?
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∙ 9y ago
debit accounts receivable
credit sales revenue
Wiki User
∙ 9y ago
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What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
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 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.
Journal entry to record physical inventory?
To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory
You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?
Credit Food Inventory
What is the journal entry to record sale of obsolete inventory?
Debit cash / bankdebit loss (if any)Credit inventory account
Which subsidiary journal is used to record the inventory at the end of the year?
The subsidiary journal used to record inventory at the end of the year is the Inventory Adjustment journal. This journal is used to update the inventory records to reflect the actual quantity and value of inventory at the year-end.
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 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.
Journal entry to record physical inventory?
To record the purchase of physical inventory: Dr. inventory Cr. cash To record sale of physical inventory: Dr. cost of goods sold Cr. inventory
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
You own a small restaurant and donate food to non profit event How do you record the journal entry Debit Donations and credit what account?
Credit Food Inventory
How do you record a journal entry for non inventory item?
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What is purchases account?
Purchase account is a record account in which all inventory purchases are noted. This is commonly used with the periodic inventory method.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
What is the journal entry to record a sale from inventory with a trade in?
Sales >>>Cash/Accounts Rec/NotesRec Cost of Goods Sold >>>Merchandise Inventory
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
