Ask Experts Questions for FREE Help !
Ask
    skip4's Avatar
    skip4 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jun 6, 2007, 12:26 PM
    Parts inventory on T-Account
    Hi,

    For a homework assignment, I am trying to put together an income statement for a company and am recording the transactions on T-Accounts. The transaction states "Parts inventory from the beginning of the month was depleted by $1,200." Because inventory is an asset and it decreased, I know that the Inventory T-account needs to be credited. But I cannot figure out the other account that needs to be debited.

    Thanks!
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Jun 10, 2007, 09:01 AM
    Debit Cost of Goods Sold
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!

Cheap Parts [ 0 Answers ]

Last year I bought a 1978 Kawasaki KZ650 had some work done on it and Now am fixing to restore bike. Does anybody know where I could find parts at a reasonable price. That way I can have a bike that is in better shape. I also would like to find a Chiltons on it for the bike specs. Any help would...

Body parts [ 8 Answers ]

What is that part between the vagina and the butt hole, and is that what rips on some women when they have a baby?:rolleyes:

Looking for parts [ 5 Answers ]

I've been looking for a fan motor for my dads direct vent wall gas furnace. I can't seem to find one with the same specs the motor has. It is a sears furnace but they said it is no longer available. The name on the motor is universal electric co. it is 115v 60 hz 2.4A 1100/950 rpm 1/20 hp 1/2 dia...

Furnace Parts [ 1 Answers ]

Where can I order a part for my furnace model Weathermaker 8000. (The computer of the furnace ). Two heating companies diagnosed that this is what it needs. But they do not have it in stock. Heating companies have not been able to find that part. #CESO11P057-00. I thought this site was related...

View more questions Search