Inventory adjusting journal entry example
[DOC File]The University of Houston
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Adjusting the Inventory Balance. After the accuracy of the inventory has been verified, each department shall prepare a journal entry adjusting the inventory balances. This journal will be submitted to Accounting Services via workflow. A copy of the journal coversheet will be included with the Merchandise Inventory Package.
[DOCX File]Consulting, Training - Auto Body Repair Shops ...
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The offsetting entry would be to the COGS – P&M or COGS – Stock Parts account. For example if the P&M Inventory value increased by $1000.00 and Stock Parts Inventory increased by $500.00 from the prior reporting period, the adjusting entry would be as follows: AccountDebitCredit. Inventory (Asset)$1500.00. COGS-P&M$1000.00
[DOC File]Georgia Department of Education
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As an example, assume there are $25,000 of supplies on hand at the end of the year (i.e. of the original $50,000 purchases per above) based on a physical inventory using an acceptable valuation method, the general journal entry to record the inventory on the balance sheet is: Description Account No. DR CR . Inventories 0171 $ 25,000
[DOC File]Old Exam Packet – Acct 284 - Iowa State University
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At the end of the month, the adjusting journal entry to record the use of supplies would include: a. An increase to supplies and an increase to expenses. b. A decrease to supplies and an increase to expenses. c. An increase to supplies and an increase to revenue. d. A decrease to supplies and a decrease to cash.
[DOC File]Example of Gain or Loss on the Sale of Fixed Assets
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The following example will help explain these entries. ... and you must also account for the Cash or Accounts Receivable you now have due to the sale. These Journal entries will look like this: Dr. Cash $8,000. ... on the Disposition of Assets or similar. A Debit entry is a Loss (like an Expense) and a Credit entry is a Gain (like a Revenue ...
[DOC File]Chapter 05 Audit Evidence and Documentation
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6. The auditors should propose an adjusting journal entry for all material related-party transactions. True False 7. When the risk of material misstatement for an account is high, the auditors may perform additional substantive procedures to restrict detection risk to a lower level. True False 8.
[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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General Journal Page 1 Date Account Title P.R. Debit Credit 2014 Adjusting Entries Dec. 31 Salaries Expense 12,000.00 Salaries Payable 12,000.00 An adjusting entry, such as one for an accrued expense, affects both the income statement and the balance sheet) as it results in an increase (debit) to an expense account and an increase (credit) to a ...
[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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For example, if an under-the-table payment is involved, or if carriers are pressured to accept merchandise, it is clearly unethical. ... From a management accountant’s standpoint, adjusting the product cost numbers to make both the Monarch and Regal lines look profitable would violate the standard of objectivity. ... Journal entries: a. Work ...
[DOC File]This form is to be used as a sample or guideline only
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Supplemental Inventory or Amended Inventory should be utilized for correcting, adjusting or adding to an original inventory A qualified and disinterested appraiser may be employed to ascertain the value of any asset, the value of which may be subject to reasonable doubt.
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