Purchase of Inventary Flashcards
Inventory
1
Q
Purchase of Inventory
A
Inventory (name).
GST
Accounts Payable (name) / bank
2
Q
Purchase Returns
A
Accounts Payable (name)
GST
Inventory (name)
3
Q
Sale of Inventory
A
Cost of goods sold
Inventory (name)
Accounts receivable (name)
GST
Sales
4
Q
Sale Returns
A
Sales returns
GST
Accounts receivable (name)
Inventory (name)
Cost of Goods sold
5
Q
Drawings of Inventory
A
Drawings
GST
Inventory (name)
6
Q
Inventory Shortage
A
Inventory Shortage
Inventory (name)
Cost of goods sold
Inventory Shortage
7
Q
Inventory Revaluation
A
Cost of Goods Sold
Inventory (name)
8
Q
Inventory Error Correction
A
Inventory (name) (account being increased)
Inventory (name) (account being decreased)
