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General Accounting Discussions: revenue earned on scrapped materials

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    • CommentAuthorjsistos
    • CommentTimeApr 25th 2007
     
    We have scrapped materials and relieved from inventory. We are selling these to customers/employees. Because we are recognizing revenue on this, should there be an associated cost?
    If so, how is this journalized?

    Jennie
    • CommentAuthoraakbar
    • CommentTimeMay 8th 2007
     
    u can do two ways, 1. decress the cost of inventory/material by the sale price of scap
    2. Recognice it as sole revenue---- Cr. Sale of Scrap a/c

    Reply me at akbarbava@yahoo.com if my sugesion sounds worth pls

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