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Unformatted text preview: an automobile dealer $25,000, and if the car can now be sold for no more than $23,000. Then the value of the car must be reported at $23,000. This decrease in the value of inventory is recognized by debiting the loss on inventory write-down account, which is an expense account, and by crediting inventory....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10