Answered: The journal entry to write inventory up…

The journal entry to write inventory up to the net realizable value would be _______. a) a debit to COGS b) a credit to Losses c) a credit to Inventory d) a debit to Inventory

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 2DQ

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Question

1. The journal entry to write inventory up to the net realizable value would be _______.

a) a debit to COGS

b) a credit to Losses

c) a credit to Inventory

d) a debit to Inventory

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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