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    malccounting Posts: 11, Reputation: 1
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    Nov 22, 2010, 12:56 PM
    Journal entry for loan and inventory
    My question is. If I took over a business that had outstanding debt
    But had not accounted for it what would I put as the journal entry?
    As well if I sell products before receiving the inventory would I have
    To count this as unearned revnue?
    The business is a wine making business and operates by selling and
    Subsequently ordering from the supplier. What would be the appropriate
    Method here?

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