Q) Accounting entries for PO receipts of Inventory items delivered to Inventory? I
When an item is received for inspection ?
When an item is delivered to inventory, what are the entries
A)
When you receive inventory item for inspection, accounting entry will be:
Debit Receiving Account
Credit Inventory Accrual Account
When you deliver the item to inventory, accounting entry will be:
Debit Material Account
Credit Receiving Account
When you match AP invoice with receipt, accounting entry will be:
Debit Inventory Accrual account
Credit Payable Account
