accounting for overseas inventory purchase

Question

Dec 19, 2006, 06:04 AM

Camelothaircare

New Member

Join Date: Dec 2006

Posts: 1

accounting for overseas inventory purchase

We paid $30,000 for inventory from a Korean supplier which is now "on the water"
arriving at US docks Dec 29....
How do we account for the inventory right now on our books?... it is not in our warehouse but it is owned by us
and in transit....
thanks

Answers

Dec 19, 2006, 11:26 AM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,664	Since ownership is yours, you must record it as YOUR inventory on the date ownership passed to you. Dr. Inventory 30,000 Cr. AP 30,000 (im assuming you bought this on credit)

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