Debit inventory spoilage
Credit inventory account
Debit drawings accountCredit inventory account
Debit supplies expensesCredit supplies inventory
Debit supplies expensesCredit supplies inventory
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Unrecorded inventory may be conceived as theft. To avoid this, you can record this entry in your accounting journal under some of these examples; items scrapped, moved items, or goods sold from stock.
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
Debit drawings accountCredit inventory account
Debit supplies expensesCredit supplies inventory
Debit supplies expensesCredit supplies inventory
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Unrecorded inventory may be conceived as theft. To avoid this, you can record this entry in your accounting journal under some of these examples; items scrapped, moved items, or goods sold from stock.
Debit cash / bankdebit loss (if any)Credit inventory account
debit theft of stockcredit inventory / stock account
debit supplies expensecredit supplies inventory
debit supplies expensecredit supplies inventory
[Debit] Supplies expenses [Credit] Supplies Inventory
debit purchasescredit bank