Question by m w: A furniture dealer transfered office table from the store to office use.What is the general entry in accountin
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Answer by Serge M
Accounting entries are easy if you think through them logically. The table in the store is part of inventory, a current asset representing goods available for sale. Transferring the table to an office for use by the company means it is no longer part of inventory. It has become furniture, a fixed asset subject to depreciation. The table has a cost recorded in the inventory account.
Obviously the entry is to reduce inventory and increase office furniture by the amount of the cost.
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