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Need help. My client is a distributor and there fore orders in product to then sell to retailers. This inventory is not paid for until the Retailer pays for it. Therefore we do not want to have on our balance sheet an inventory valvue as it is still truly our vendors product until paid. How can...
Which would not require an adjustment of journal entries? A An outstanding note payable has incurred three months of interest that has not been accrued. BCash is received for services that have not yet been performed. COne month of prepaid rent has expired. D Depreciation expense must be...
The cost (FIFO method) of locus invontory at July 31, was $32,439. The market value at July 31, of this inventory was 31,833. How do I do an adjusting journal entry for this? Do I dr income summary and cr. Inventory and do I use lower of market cost? Please help Thank you Fustrated
I don't know if you need this but.. before adjustments Wages expense (debits) 60,100 Wages accrued but not paid at December 31, $3,150
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