To record capital livestock sale Debit 1104 Cash in Bank Debit 62808 FA Loss on Sales/Disposals Credit 550400 Gain on Sale of Fixed Assets Credit 1711 Livestock Accounting for non-capital livestock (livestock Inventory) A physical inventory, performed by the department that manages the livestock, is required on an annual basis. This inventory is a summary of all livestock (bred, purchased or gifted), and must include the fair market value per head (based on the most likely market for that particular department), the number of head, and the total fair market value of all livestock. The results of the inventory should be used to record all purchases, gifts or sales of livestock not recorded during the year, as well as any needed valuations adjustments. Examples of these entries are detailed below. To record livestock received as a gift Debit 1805 Livestock Inventory Credit 581400 Donations To record purchased livestock inventory Debit 62xxx Operating Expense Credit 1104 Cash in Bank To record the sale of livestock inventory for Universities Debit 1104 Cash in Bank Credit 550100 Educ Activity Sales & Service To record the sale of livestock inventory for MCE Debit 1104 Cash in Bank Credit 553000 Prison Merchandise Sold To record annual inventory increases Debit 1805 Livestock Inventory Credit 62884 Pris Rance Livestock Inventory
To record capital livestock sale Debit 1104 Cash in Bank Debit 62808 FA Loss on Sales/Disposals Credit 550400 Gain on Sale of Fixed Assets Credit 1711 Livestock Accounting for non-capital livestock (livestock Inventory) A physical inventory, performed by the department that manages the livestock, is required on an annual basis. This inventory is a summary of all livestock (bred, purchased or gifted), and must include the fair market value per head (based on the most likely market for that particular department), the number of head, and the total fair market value of all livestock. The results of the inventory should be used to record all purchases, gifts or sales of livestock not recorded during the year, as well as any needed valuations adjustments. Examples of these entries are detailed below. To record livestock received as a gift Debit 1805 Livestock Inventory Credit 581400 Donations To record purchased livestock inventory Debit 62xxx Operating Expense Credit 1104 Cash in Bank To record the sale of livestock inventory for Universities Debit 1104 Cash in Bank Credit 550100 Educ Activity Sales & Service To record the sale of livestock inventory for MCE Debit 1104 Cash in Bank Credit 553000 Prison Merchandise Sold To record annual inventory increases Debit 1805 Livestock Inventory Credit 62884 Pris Rance Livestock Inventory
335%20Capital%20Assets_1.docx