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View Full Version : What are the accounts effected by inventory destoyed and covered by insurance?


manawa
Sep 7, 2010, 06:29 PM
Balance date is January 31st 2010.
On 30th January 2010 a trucking accident destroyed inventory (valued at $450,000) in transit from the company's North island warehouse to south island stores. The amount of this loss is covered by insurance. The inventory has not been adjusted in the trial balance for this amount.

morgaine300
Sep 7, 2010, 08:30 PM
Please see the guidelines for posting homework:
https://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html