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How do you record a journal entry for the cost of a sale?
debit cost of salescredit cash / bank
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
What journal entry do you use to record the actual conversion cost incurred?
work in process mixing 45,000 materials 45,000
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
The journal entry to record the purchase of treasury stock will cause total stockholders' equity to decrease by the amount of the cost of the treasury stock?
true!
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 you record a Intangible asset in journal entry?
To record an intangible asset in a journal entry, you typically debit the intangible asset account for the purchase price or cost incurred to acquire it. If applicable, you also debit any related costs, such as legal fees or registration costs. The corresponding credit would usually be made to cash or accounts payable, depending on how the asset was financed. For example, if a company purchases a patent for $10,000, the journal entry would be: Debit Patent $10,000 and Credit Cash $10,000.
What is the journal entry of selling costs?
Debit cost of salesCredit cash / bank
What is the journal entry for cost of supplies used?
debit supplies expensecredit supplies inventory
What is the journal entry for expenses towards sales?
debit cost of salescredit cash / bank
How do you record a journal entry for a insufficient funds charge?
To record a journal entry for an insufficient funds charge, you would typically debit the bank fees expense account to reflect the cost incurred and credit the cash account to decrease the cash balance. For example, if the charge is $35, the entry would be: Debit Bank Fees Expense $35 and Credit Cash $35. This accurately reflects the expense and the reduction in cash due to the insufficient funds charge.
What is the journal entry to write off financing costs?
Debit amortization of financing costCredit financing cost
