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What two accounts are affected by the adjusting entry Merchandise Inventory?
The two accounts affected by the adjusting entry for Merchandise Inventory are the Merchandise Inventory account and the Cost of Goods Sold (COGS) account. When the inventory is adjusted to reflect the actual count or value, the Merchandise Inventory account is updated to show the correct ending balance, while the COGS account is adjusted to account for any changes in the total cost of inventory sold during the period. This adjustment ensures accurate financial reporting and inventory management.
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
A debit entry as an adjusting entry to merchandise would?
A debit entry as an adjusting entry to merchandise would typically increase the merchandise inventory account, reflecting additional costs incurred or adjustments for shrinkage, obsolescence, or errors in previous counts. This adjustment ensures that the financial statements accurately represent the value of the inventory on hand. Consequently, it may also affect the cost of goods sold when calculating net income. Overall, it helps maintain accurate financial records and reporting.
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
What is the general journal entry for cash deposit?
Cash deposit to bank has contra entry as follows: [Debit] Bank account [Credit] Cash account
What is the general journal entry for cash deposited to bank?
Debit Bank account Credit Cash account
What is journal entry to taking funds to reserve account?
[Debit] Net income account [Credit] General Reserves
What does dda gl credit mean?
DDA=Demand Deposit Account....(ex, checking account, savings account, etc) GL=General Ledger.... Credit=Positive Entry, Entry going -in-, opposite of debit....
Merchandise with a sale price of 500 is sold on account with the terms 2 10 n 30 The journal entry to record the sale would include a?
490
What will be Journal entry for purchase of building from general reserve account?
General reserve account cannot be used for purchases of building as general reserve accounts is fixed for some limited kind of transactions like
How do i record in a journal entry an amount of 5000 should be transfered to the general reserve account?
You record on the debit side an amount of 5000 that should be transferred to the general reserve account.
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.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
Purchased merchandise from Philips co for 1900 of merchandise returned from purchase on July 4th journalize the entry?
debit merchandise 1900credit philips 1900
What is the general ledger journal entry issue an invoice on sale of account?
Debit accounts receivableCredit sales revenue
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
Merchandise Inventory. The value of merchandise in the trial balance is the amount of inventory on hand at the beginning of the year. No other transactions are posted to this account during the year because every time merchandise if purchased, it is debited to Purchases. Every time inventory is sold, it is credited to Sales.
