Used Furnitures

A furniture dealer transfered office table from the store to office use.What is the general entry in accountin

Public Comments

1. Accounting entries are easy if you think through them logically. The table in the store is part of inventory, a current asset representing goods available for sale. Transferring the table to an office for use by the company means it is no longer part of inventory. It has become furniture, a fixed asset subject to depreciation. The table has a cost recorded in the inventory account. Obviously the entry is to reduce inventory and increase office furniture by the amount of the cost.