If i have a small farm I buy chicken for 10$ for resale, When the chicken lays eggs what entry shall be made for the eggs & which Accounting standard?

Question

The correct Accounting Standard must be answered with the treatment.

Mhamed Marzouk Mahmoud Ali · Answer

Dr inventory - eggs A/C

Cr unearned revenue A/C

to record laying of eggs

_________________________________________________

when selling eggs

Dr Cash A/C

Dr unearned Revenue A/c

Cr Inventory - eggs

Cr earned revenue A/C

to record revenue earned and selling of eggs