Adjust account in a Supply Inventory - Online Editor

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How to adjust account in the Supply Inventory

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In this video tutorial, the instructor, with 30 years of experience as a CPA and accounting teacher, welcomes viewers to the Accounting Superstar YouTube channel, which focuses on learning accounting concepts. The lesson targets beginners in their fourth week of introductory accounting, specifically addressing the complexity of adjusting entries, which many students find challenging. The instructor reassures viewers that struggling with these concepts is normal, as it's a common hurdle in early accounting studies. Through years of teaching, the instructor has developed effective methods to simplify the learning process. The video includes visuals related to inventory in construction.

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What is the adjusting entry for supplies inventory?

The adjusting entry needs to be recorded by debiting supplies expense and crediting cash. The credit (reduction in the asset) is necessary because office supplies are consumed during the period and will become an expense when used up.

What is the adjusting entry for supplies?

The adjusting entry is the difference between the beginning balance in the supplies account and the actual supplies remaining. For example, if the beginning balance is $5,000 and you have $4,000 of supplies on hand, you used $1,000 of supplies during the month.

What is the adjusting entry for overstated inventory?

An adjustment entry for overstated inventory will add the omitted stock, increasing the amount of closing stock and reduces the COGS. Conversely, in understated inventory, an adjustment entry needs to be made to remove the surplus stock, which in turn reduces closing stock to the correct level and increases the COGS.

How do you account for change in inventory?

Inventory Change in Accounting The full formula is: Beginning inventory + Purchases - Ending inventory = Cost of goods sold. The inventory change figure can be substituted into this formula, so that the replacement formula is: Purchases + Inventory decrease - Inventory increase = Cost of goods sold.

Does inventory need an adjusting entry?

Under the perpetual inventory method, we compare the physical inventory count value to the unadjusted trial balance amount for inventory. If there is a difference (there almost always is for a variety of reasons including theft, damage, waste, or error), an adjusting entry must be made.

How do you adjust merchandise inventory?

This is performed by the following two adjusting entries: Debit the beginning inventory balance to Income Summary, and credit the Merchandise Inventory account. Debit the ending inventory balance to Merchandise Inventory, and credit the Income Summary account.

How do you adjust inventory account?

Here are a few simple steps you can follow to make an inventory adjustment: Gather information. Determine the amount of the companys beginning inventory for the period youre calculating. Calculate the cost of goods sold. Evaluate inventory. Accurate inventory. Understated inventory. Overstated inventory.

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Adjust account in the Supply Inventory