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Accrual Accounting
11-26-2009, 05:04 PM
Post: #1
Accrual Accounting
Hi all.

Let's say my inventory balance at the end of year (300909) includes a credit purchase of $5000. the purchase was in transit on 300909, under FOB destination.

Under accrual accounting,
Is there any corrections i need to make for the inventory balance?

Thanks. )

Regards,
Wilson
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12-02-2009, 06:51 PM
Post: #2
 
Dear.

It shall be recorded as asset "Goods in Transit".
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