252 Other (Inventory)

Assets

Inventories

Synopsis

Account 252 is established to record the inventory value of Other merchandise on hand.

Debits

Credits

  1. The Cost of other merchandise acquired

  2. The replacement value of parts, accessories and optional equipment removed from new other automotive items and placed in inventory

  3. The Adjustment for the difference between book and physical count values

 

  1. The Inventory value of other merchandise sold and otherwise disposed of

  2. The Adjustments for the difference between book and physical court values

 

Comments

A debit balance represents the inventory value if regularly stocked merchandise intended for resale that is not otherwise provided for.  This should include both new and used items such as:

 

a.   Appliances

b.   Farm implements

c.   Hardware

d.   Motors

e.   Parts, accessories and optional equipment for items in Account 238, Other Automotive (inventory)

Note:

A detail of these items should be made in this account or in a suitable subsidiary record.