Posts Tagged ‘inventory’

2 results.
Jan21

How do I use the accounting equation to figure out impact of errors made. Please help..?

by mutong on January 21st, 2011
Posted In: Accounting

We need to know the impact of inventory errors on income statement and balance sheet. My teacher said that the balance sheet can self-correct..for example retained earnings at the end of year 2 is correct…what does he mean by this…can someone explain to me in depth about the whole inventory error issue and how to use the equation..I tried reading the book and it just confused me more..i need to know how to use the equation to figure out the impact of the errors..please help..

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Jan17

How do you record expired inventory in a double entry accounting journal?

by mutong on January 17th, 2011
Posted In: Accounting

If a company has expired inventory, such as milk, that they can not sell, how would you record it in a double entry accounting style journal? What accounts would be debited and credited

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