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Can you please tell me entry for “Inventory of stationary ignored at end of period costing 240”.
The book is making journal entry as,
Dr Inventory of Stationary
Cr Stationary Expense
Can you please tell me, why we are crediting expense and debiting inventory of stationary.The stationery in the store room is an asset so is introduced by a Dr entry.
Stationery will have been expensed as bought eg
Dr Stationery expense
Cr cashIf there is some stationery left over it is not an expense of the period so the expense account has to be reduced by a credit entry.
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