by bookkeeper on August 5th, 2009

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I am working with peachtree accounting and need to show $250,000.00 in inventory to reflect on income statement. What accounts do I use for this entry?

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I am working with peachtree accounting and need to show $250,000.00 in inventory to reflect on income statement. What accounts do I use for this entry?

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This question applies to a retail store environment: I would like my financial income statement on Peachtree to accurately reflect revenues and profit....when I receive "inventory" do I put the bill in as inventory/asset or an expense?

After closing entries are made to the ledger, the balances in the ledger reflect the income statement accounts. True or False?

Ending inventory had been overstated by $2,000. What was the effect in the 20B income statement because of the overstatement?

If there is a difference between the ending inventory from a perpetual inventory count system and doing a physical count of the same inventory, what adjustment would need to be made in the accounting records?

What accounting entry do you make when you have worthless inventory?

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I am working with peachtree accounting and need to show $250,000.00 in inventory to reflect on income statement. What accounts do I use for this entry?

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