Journal entry for loss of inventory
[DOC File]1- Below are several accounts from a company's trial ...
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Ending Inventory = Beginning Inventory + Net Purchases – Cost of Goods Sold = $70,000 + $515,000 - $504,000 = $81,000. B- Assume the estimated value of the inventory was $67,800 and the company received $50,000 from their insurer in full settlement of the loss. Prepare the required journal entry. Cash $50,000. Loss On Insurance Settlement $17,800
[DOC File]Accounting for Futures
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You enter into a futures contract (at no cost) to sell the inventory in six months at 1,500,000. No entry. It is now Dec. 31. The current selling price of the inventory is 1,550,000, so you have lost 50,000 on your futures contract. Dr. unrealized loss 50,000. Cr. futures contract 50,000. On Jan 1: Dr. Cash 1,500,000
[DOC File]Flow of Accounting Entries in Oracle Applications
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Running of Trial Balance, Profit and Loss Account and Balance Sheet. Introduction: The Opening Balance of Assets and Liabilities except the Receivables, Payables and Inventory will be loaded through a Journal in any Implementation.
[DOC File]gar003, Chapter 3 Systems Design: Job-Order Costing
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(a.) Record the purchase of the raw material in a journal entry. (b.) Record the use of the raw material in production in a journal entry. Level: Easy LO: 2,7 . Ans: (a.) Entry to record purchase of materials: (b.) Entry to record use of materials: Standard quantity allowed for the actual output (200 units at 2.0 ounces per unit) = 400 146.
[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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If, however, the overtime is the result of a demanding “rush job,” the overtime premium is a direct cost of that job. 2-37 (30–40 min.) Fire loss, computing inventory costs. 1. Finished goods inventory, 2/26/2009 = $50,000
[DOC File]Glendale Community College
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INVENTORY LOSS JOURNAL ENTRY. Write the invoice, adds to the customer's account. A/R or Cash. Sales . Reduces inventory. Cost of Goods Sold. Inventory. Returns and Allowances can be a little complicated. An item can be returned because it is not liked, it …
[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 to infer cost of goods sold. 9.
[DOC File]Chapter 12 Group Work - Texas Tech University
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Prepare a journal entry to record the Impairment Loss for the value of Carter Company’s Patent. Loss on Impairment 145,000. Patent 145,000. 4. On October 1, 2018, Braxton Co. purchased a Patent for $90,000. Additional legal costs incurred to obtain the patent were $33,750.
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