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Home Office and Branch Accounting Notes

The document discusses accounting principles for inventory valuation and financial statement preparation. It outlines steps to take inventory balances from accounts to financial statements including transferring debit and credit balances and eliminating certain accounts.

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86 views15 pages

Home Office and Branch Accounting Notes

The document discusses accounting principles for inventory valuation and financial statement preparation. It outlines steps to take inventory balances from accounts to financial statements including transferring debit and credit balances and eliminating certain accounts.

Uploaded by

Red
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Accounts with debit balances

2. Accounts with credit balances

3. Beg. inv = debits

4. End. inv

A. Debits = assets for bal. sheet

B. Credits = deductions from COGAS

5. Ret. earnings msut be beg. bal. (Credits)


6. Eliminate HO & IIB account

7. Eliminate shipment accounts

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