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[DOC File]Old Exam Packet – Acct 284 - Iowa State University
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A. A perpetual inventory system can detect inventory shrinkage. B. A perpetual inventory system updates the inventory account for each purchase and sale. C. A perpetual inventory system uses a purchases account. D. A periodic inventory system uses the physical count of inventory …
accounting for sale of inventory

[DOC File]WordPress.com
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29. A journal entry to record the sale of inventory on account will include a. a. debit to inventory. b. debit to accounts receivable. c. debit to sales. d. credit to cost of goods sold. 30. A journal entry to record a payment on account will include a. a. debit to accounts receivable. b. credit to accounts receivable. c. debit to accounts payable.
inventory purchase entry

[DOC File]CHAPTER 18
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Cash or Accounts Receivable 650 Work-in-Process Control (Job #10) 650 c) Journal entry for recognizing material scrap common to all jobs at time of sale: Cash or Accounts Receivable 650 Manufacturing Overhead Control 650 d) Journal entry for recognizing material scrap as inventory at time of production and recording at net realizable value:
inventory accounting journal entries

[DOCX File]E2-7 (Accounting Principles—Comprehensive) Presented …
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Sep 03, 2010 · for personal use. The following journal entry was made. Miscellaneous Expense 29,000. Cash 29,000 (b) Merchandise inventory that cost $620,000 is reported on the balance sheet at $690,000, the expected. selling price less estimated selling costs. The following entry was made to record this increase. in value. Merchandise Inventory 70,000 ...
inventory reserve journal entry

[DOC File]Godgift
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42. A journal entry to record the sale of inventory on account will include a. a. debit to inventory. b. debit to accounts receivable. c. debit to sales. d. credit to cost of goods sold. 43. A journal entry to record a payment on account will include a. a. debit to accounts receivable. b. credit to accounts receivable. c. debit to accounts payable.
cost of goods sold entry accounting

[DOC File]Example of Gain or Loss on the Sale of Fixed Assets
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But you will notice that the Debits and Credits do not match. This is corrected by using an account called Gain (Loss) 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). In this case there will be a $2,000 Credit entry …
journal entry for inventory change

[DOC File]SUA—The Sales and Cash Receipts Process
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Inventory Cycle. What is your year-end journal entry? This type of entry is one of the five adjusting entries required in the SUA project. Perpetual Inventory Method: Record cost of goods sold with each sale. Better inventory records. More timely COGS information. Ending Inventory on the books can be compared to physical count of ending inventory.
inventory accounting entry

[DOC File]CHAPTER 2:
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The audit trail for the sale of inventory would link the customer order, sales order, and shipping document to the sales invoice. These documents would also be linked to the journal entry recording the sale of that merchandise. The invoice would also be linked to the cash received from the customer and to the journal entry to record that receipt.
inventory journal entry examples

[DOC File]Chapter 16
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2 Journal entry to record sale of assets on February 9. Cash $81,000 Barney capital 3,000 Betty capital 3,000 Rubble capital 3,000 Inventory $72,000 Supplies 18,000 To record sale of inventory items and supplies and recognize gain or loss. 3 Journal entry to distribute cash on February 10
accounting for sale of inventory

[DOC File]Great Plains: Short Cut Sheet - Cal Poly Pomona
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Post general journal entry. ALWAYS REVIEW BEFORE YOU POST! Adjust Perpetual Inventory Records. Transactions-----Inventory-----Transaction Entry p.86-88. Select variance as the document type. Change date if necessary. Select default site where inventory is. Select item #. Adjust quantity if needed. Adjust unit cost. Check/review for any errors.
inventory purchase entry

Journal entry for sale of inventory