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What is the journal entry to move finished goods from Work In Process to Finished Goods Inventory?

Updated: 4/28/2022

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[Debit] Finished Goods

[Credit] Work in process

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∙ 9y ago

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[Debit] Finished Goods
[Credit] Work in process

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Q: What is the journal entry to move finished goods from Work In Process to Finished Goods Inventory?

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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 is the journal entry for purchasing finished goods?

Purchases a/c dr Accounts Payable cr

What is the journal entry for inventory spoilage?

Debit inventory spoilageCredit inventory account

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

Debit drawings accountCredit inventory 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

Related questions

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

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 is the journal entry for purchasing finished goods?

Purchases a/c dr Accounts Payable cr

What is the journal entry for inventory spoilage?

Debit inventory spoilageCredit inventory account

What is the journal entry for selling finished goods?

[Debit] Cash /bank / accounts receivable [Credit] Sales revenue account

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

Debit drawings accountCredit inventory account

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

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

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 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 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.

Journal entry for supplies used?

Debit supplies expensesCredit supplies inventory

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