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+--- Thread: Accrual Accounting (/showthread.php?tid=6904)
Accrual Accounting - Wilson88 - 11-26-2009
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
- danishayub_76 - 12-02-2009
Dear.
It shall be recorded as asset "Goods in Transit".