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What is the adjusting entry to decrease inventory?
credit inventory, debit cost of good sold.
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
If the balance in Merchandise Inventory is larger at the end of the year than at the beginning what adjusting entry would you make for this account?
If the balance in Merchandise Inventory is larger at the end of the year than at the beginning, you would need to adjust for the increase in inventory by debiting the Merchandise Inventory account. This typically reflects an increase in assets. Additionally, you would credit the Cost of Goods Sold account to reduce it, as the higher inventory level indicates that fewer goods were sold than were purchased during the year. This entry aligns the financial statements with the actual inventory levels.
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account describe the effect of the credit portion of the entry?
increase the balance of the liability account :)
What is the adjusting entry to decrease inventory?
credit inventory, debit cost of good sold.
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
If the balance in Merchandise Inventory is larger at the end of the year than at the beginning what adjusting entry would you make for this account?
If the balance in Merchandise Inventory is larger at the end of the year than at the beginning, you would need to adjust for the increase in inventory by debiting the Merchandise Inventory account. This typically reflects an increase in assets. Additionally, you would credit the Cost of Goods Sold account to reduce it, as the higher inventory level indicates that fewer goods were sold than were purchased during the year. This entry aligns the financial statements with the actual inventory levels.
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account describe the effect of the credit portion of the entry?
increase the balance of the liability account :)
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.
What is the journal entry for inventory spoilage?
Debit inventory spoilageCredit inventory account
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.
Which items found on a bank reconciliation doesn't require an adjusting entry?
Balance doesn't require an adjusting entry.
What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
