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-   -   Accounting for overseas inventory purchase (https://www.askmehelpdesk.com/showthread.php?t=49449)

  • Dec 19, 2006, 08:04 AM
    Camelothaircare
    Accounting for overseas inventory purchase
    We paid $30,000 for inventory from a Korean supplier which is now "on the water"
    Arriving at US docks Dec 29...
    How do we account for the inventory right now on our books?. it is not in our warehouse but it is owned by us
    And in transit...
    Thanks
  • Dec 19, 2006, 01:26 PM
    CaptainForest
    Since ownership is yours, you must record it as YOUR inventory on the date ownership passed to you.

    Dr. Inventory 30,000
    Cr. AP 30,000 (im assuming you bought this on credit)

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