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    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

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