Debit inventory spoilageCredit inventory account
Journal entry is made as soon as when any business transaction occur in business.
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
Debit supplies expensesCredit supplies inventory
Debit inventory spoilageCredit inventory account
There are various ways to record a journal entry when the inventory is thrown away. The standard entry is to debit the cost of goods sold and credit the allowance for the obsolete inventory.?æ
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Journal entry is made as soon as when any business transaction occur in business.
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For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
recording of business transaction in chronological order is a journal entry
Debit supplies expensesCredit supplies inventory
Debit supplies expensesCredit supplies inventory
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Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.