Ask Experts Questions for FREE Help !
Ask
    Thara1990's Avatar
    Thara1990 Posts: 13, Reputation: 1
    New Member
    		  
    #1

    Jan 30, 2011, 02:17 PM
    Accounting and Finance- Journal Entries
    Identify assumptions and concepts and correct entries.

    The company used the average cost formula to determine that the cost of merchandise inventory at December 31 was $65,000. On December 31, it would have cost $80,000 to replace the merchandise inventory, so the following entry was made:
    Merchandise Inventory (DR.) $15,000
    Gain on Inventory (CR.) $15,000
    Thara1990's Avatar
    Thara1990 Posts: 13, Reputation: 1
    New Member
    		  
    #2

    Jan 30, 2011, 07:04 PM
    Is this COST-MEASUREMENT CONCEPT... and no entry required.. :S
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting journal entries [ 18 Answers ]

I just have a few transactions that I want to make sure I have made the correct journal entries to: 1. Invested $20,000 cash in the business. 2. Purchased used truck for $7,800, paying $3,000 cash and the balance on account. 3. Purchased cleaning supplies for $1,500 on account. 4....

I need help with accounting journal entries [ 1 Answers ]

How would you record journal entries for the following: 1. sold shoes on account to judy for $6,000. Cost of the shoes sold is $4,400 2. paid salaries to employees for the first month, $2000 3. sold shoes to a chemical factory for $66,000 cash. Cost of the shoes sold is $38,500. 4. some shoes...

Accounting: journal entries [ 3 Answers ]

Journalise adjusting entries for closing stock 8400... ps opening stock was 9700 How is that done ?

Accounting journal entries [ 1 Answers ]

How to make a journal entry for an error

View more questions Search