What if the journal entry for a business for equipment, items etc that have been repossessed and you need to show it on the books.
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What if the journal entry for a business for equipment, items etc that have been repossessed and you need to show it on the books.
Debit Repossessed Inventory
Debit Unrealized Gross profit
Credit Installment Receivable
Based on this entry, you get the recoverable value of the inventory which may be different from its realizable value. The difference is the gain or loss on repossession
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