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    Camelothaircare's Avatar
    Camelothaircare Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 19, 2006, 08:04 AM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Dec 19, 2006, 01:26 PM
    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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