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Is inventory a credit or debit?

Updated: 9/19/2023

Wiki User

∙ 13y ago

Best Answer

Inventory is an asset, and so it is a debit to increase, and a credit to decrease.

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∙ 13y ago

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Continue Learning about Accounting

Is merchandise inventory is a credit or debit?

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Does inventory carry a debit or credit balance?

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Is Spare parts Inventory debit or credit?

If the inventory is fiananced it is debit... If you own it is credit...

Does inventory have a debit or credit balance?

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Is open inventory a debit or credit?

Opening inventory Debit Cost of Sales Credit Inventory - balance sheet Closing inventory Debit Inventory - balance sheet Credit Cost of Sales An opening inventory is a debit as it is an increase is expenses as the opening inventory is expected to be sold in the coming accounting period. and any thing that is spent to provide goods or services to a customer is an expense.

Does inventory normally have a credit balance?

No, inventory is an assets, which normal balance is a debit.

What is the adjusting entry to decrease inventory?

credit inventory, debit cost of good sold.

If you sold 1000.00 of inventory for 2000.00 on account where would you post these transactions in quiken?

Debit Accounts Receivable 2000 Debit Cost of Goods Sold 1000 Credit Sales 2000 Credit Inventory 1000

What is The journal entry to record the purchase of inventory included a debit to?

[Debit] Purchases [Credit] Cash / bank / accounts payable

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