Accounting Lecture 07 Part II - Inventory Sales and the Income Statement
Loading...
Loading...
6,519
Loading...
Uploader Comments (AccountingTutor)
see all
All Comments (2)
-
sir i just don't understand that why should the inventory account be credited while recording the discount obtained by the merchant through purchase of inventory items?
Loading...
23:33
Accounting for Inventory and Cost of Goods Soldby RMIADVTraining2,069 views- 14:47
Accounting Lecture 04 - Adjusting Entries for Deferralsby AccountingTutor15,827 views
- 10:47
Accounting Lecture 07 Part I - Merchandising and Inventory Purchasesby AccountingTutor7,938 views
- 13:49
Accounting Lecture 11 - Bank Reconciliationsby AccountingTutor6,828 views
- 12:53
General Journal : How to make Journal Entriesby jeromerelano17,778 views
- 6:29
Accounting Lecture 10 - Petty Cashby AccountingTutor7,089 views
- 12:12
Accounting Lecture 18 - Stock Issuances and Treasury Stockby AccountingTutor4,632 views
- 4:27
Income statement tutorialby Kiratsuchii3,197 views
- 7:01
Accounting Lecture 14 - Gains and Losses from Bond Retirementsby AccountingTutor3,409 views
- 6:32
Inventory Management - An Introductionby robobyrne41,953 views
- 6:40
Adjusting Journal Entries Part 2by mwhite124924,445 views
- 4:13
1 - The Accounting Profession and Accounting Careersby larrywalther12,916 views
- 10:10
Accounting - Specific Identification inventory methodby judydaulton815 views
- 3:50
Multiple Step Income Statement - Ch. 5 Video 7by mattfisher646,538 views
- 13:33
Closing Entriesby CSMDTube5,732 views
- 8:00
Introduction to Managerial Accountingby etramway77,742 views
- 7:53
lecture 1: balance sheets part 1by bigbeancounter99,068 views
- 12:17
Accounting Lecture 06 - Closing Entriesby AccountingTutor9,234 views
- 5:25
Sales Returns and Allowances - Ch. 5 Video 6by mattfisher644,295 views
Hi, ranaking100. This is because a discount received after recording the purchase means that less will be paid for the inventory than we first recorded. Assets are recorded at cost, so we will have to reduce the balance in the inventory account when a discount is granted.
AccountingTutor 2 weeks ago