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-   -   Small business takes inventory from stock (https://www.askmehelpdesk.com/showthread.php?t=452440)

  • Feb 27, 2010, 05:04 PM
    loususan
    Small business takes inventory from stock
    Small business owner takes $2300 worth of inventory from stock, show general journal and ledger entries
  • Feb 28, 2010, 12:28 AM
    morgaine300

    Please review the guidelines for posting homework:
    https://www.askmehelpdesk.com/financ...-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.
  • Mar 1, 2010, 02:02 AM
    loususan

    More hints... please!!
  • Mar 1, 2010, 11:36 PM
    morgaine300

    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.

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