we sold out Goods to Customer when the Customer received products, the customer reported products were damaged, so we offered new goods to replace damaged ones for free. The customer keeps damaged goods. So please help how to record Journal entries about this...
Yes, I'm here to provide the steps you need to write off the total value of your finished goods that were hanged for six months. The process below won't cover a single entry, but it's the appropriate one to reflect on your books. With this,...
To make a journal entry for accounts payable, you take an invoice for inventory or services already received and debit the expense and credit accounts...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough...
After filling out a perpetual inventory card using fifo i need to find out how to prepare a journal entry to record a sale of 60 units sold assuming i got 5.00 each for them? Confused How is inventory shrinkage computed under a perpetual inventory system? Beginning inventory is $30,000...
Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system. As business events occur throughout the accounting period, journal entries are recorded in the general journa
This is chiefly because it is too difficult to accurately record inventory data directly onto a spreadsheet, even using a tablet. There is simply too much room for data entry errors. That said, team members should be careful not to introduce additional errors when transposing data from printouts...
Merchandise inventory is the goods and products that a business buys to resell to customers. When your small business buys merchandise from a supplier you must record the purchase in a journal entry in your accounting records. When you buy merchandise with a down payment, you record a portion ...
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Record the asset disposal and either the Gain or the Loss on Disposal of Asset if there was one in the same journal entry. As mentioned above, there needs to be a debit equal to the full value of the asset's Accumulated Depreciation, a credit equal to the full value of the asset, a...
When obsolete inventory is disposed of, both the related amount in the inventory asset account and the contra asset account are removed in the disposal journal entry. Understanding Obsolete Inventory Inventory refers to the goods and materials in a company’s possession that are ready to be sold....