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How to adjust account in the Supply Inventory

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[Applause] [Music] hello accounting superstars welcome to the accounting superstar youtube channel glad youre here this is the place to learn accounting ive been teaching accounting for about 30 years been a cpa for about that long and i got great ways to explain accounting so youve come to the right place so this lesson is designed for people probably in about their fourth week of accounting class their very first accounting class and were learning about adjusting entries and adjusting entries are not easy everybody struggles with them so if youre one of those persons not getting it youre normal okay everybody struggles with the third chapter in accounting and things do get easier and i struggled with it and all of my students struggle with it so um but ive got it down now after 30 years you you do learn something okay so heres what we got going on weve got when we get to construction and theyve got a lot of inventory that they keep on hand in fact heres a picture of all ki

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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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