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July 11, 2016

7/11/2016 09:44:00 PM
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Q) Accounting entries for PO receipts of Inventory items delivered to Inventory? I
When an item is received for inspection ?

When an item is delivered to inventory, what are the entries

A)
When you receive inventory item for inspection, accounting entry will be: 

Debit Receiving Account 

Credit Inventory Accrual Account 

When you deliver the item to inventory, accounting entry will be: 

Debit Material Account 

Credit Receiving Account 

When you match AP invoice with receipt, accounting entry will be: 

Debit Inventory Accrual account 

Credit Payable Account