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General Accounting Discussions: Inventory Reserve and Markdown Reserve

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    • CommentAuthordfashion
    • CommentTimeDec 5th 2007
     
    Hi,

    Please help me with this topic. Please explain the purpose of Inventory Reserve and Markdown Reserve. How it relates to each other. How to book these in entry in closing period. When is it debited and credited? What are the contra asset account of Inventory Reserve and Markdown Reserve as well. Thank you all.
    Thankful People: plinquiry

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