PDA

View Full Version : Small business takes inventory from stock


loususan
Feb 27, 2010, 05:04 PM
Small business owner takes $2300 worth of inventory from stock, show general journal and ledger entries

morgaine300
Feb 28, 2010, 12:28 AM
Please review 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

But I'll give you a hint. Do you know the entry for the owner taking cash from the company? If so, you can do this -- an asset is an asset. You need to start getting that all assets are treated the same in terms of journal entries.

loususan
Mar 1, 2010, 02:02 AM
More hints... please!!

morgaine300
Mar 1, 2010, 11:36 PM
You never answered the first question: do you know how to do the entry if the owner takes cash from the company?

If inventory is take out, what happens to the inventory?

Do you know your rules for debits & credits to begin with? Hints aren't much good if you don't know those rules -- you won't learn them from specific entries, you just need to learn them and get them memorized.