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Unformatted text preview: 1 INVENTORY PROCEDURE USING T-ACCOUNTS 2009-09-09 Inventory Procedures Using T-accounts Topic Slides 2 Inventory Procedure Using T-accounts c Accounting for discounts, returns and allowances can be very complicated because the entry required depends on your role in the situation. It is very important that you understand what company you are recording transactions for so that you know if your company is the buyer or the seller. 2 2009-09-09 Inventory Procedures Using T-accounts Topic Slides 3 Inventory Procedure Using T-accounts c Most companies are both the buyer and the seller at different points. You must isolate the specific event in question to determine if the company is the buyer or the seller for that specific situation. c If your company is purchasing inventory then it is the role of the buyer that you should be concerned about. If your company is selling goods then it is the role of the seller that you should be focused on....
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