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what is goods in transit and how to pass an entry
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Answer Posted / chris
From Seller's books when inventory leaves the warehouse:
Debit Goods-In-Transit (Balance Sheet)
Credit FG Inventory (Balance Sheet)
When customer acknowledges receipt (Delivery Order signed
and dated), record transaction on customer receipt date as
follows:
Debit Account Receivable (Balance Sheet)
Credit Sales (Income Statement)
Debit Cost of Goods Sold (Income Statement)
Credit Goods In Transiot Account (Balance Sheet)
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