1. What to debit and credit

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Last updated 4:36 AM on 8/31/26
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4 Terms

1
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Entry to adjust cost to LCNRV at the end of the period

Debit Cost of goods sold, Credit Inventory for amount LCNRV is below inventory cost amount.

2
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Entry to adjust cost to LCM at the end of the period

Debit Cost of goods sold, Credit Inventory for amount LCM is below inventory cost amount.

3
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Entry to adjust affected accounts because of a change in inventory method

Debit Inventory for difference between the new amount if the new method had been used and the amount using the old method, Credit Retained Earnings for the same amount of difference.

4
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4 flashcards