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- Feb 19, 2018
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Here is the backround history: AC co. is sitting on inventory that needs to be sold.
AC co is selling inventory at raw cost which for the period in question $53,247.46 and therefore Company 123 needs to be bill for the inventory at $53,247.46. The deal is that company 123 will reimbuse company AC for costs such as duty, labour, power which is equal to $63506.31 the period. Total amount Company 123 owes is 53k + 63K
Can you plesae let me know if this makes senses and if you can advise me on to make the a/r debit credit entries,
sales entries
cogs sold entries
inventory entires
Debit GL 110100 Accounts Receivables 53,247.46
Credit GL401000 Sales 53,247.46
Debit Cash / Bank 63,506.31
Credit GL 110100 Accounts Receivables 53,247.46
What do i for GL COGS And Inventory?
Any help to correct these transactions and or explain step by step is great appreicated as i am in a rough patch now
AC co is selling inventory at raw cost which for the period in question $53,247.46 and therefore Company 123 needs to be bill for the inventory at $53,247.46. The deal is that company 123 will reimbuse company AC for costs such as duty, labour, power which is equal to $63506.31 the period. Total amount Company 123 owes is 53k + 63K
Can you plesae let me know if this makes senses and if you can advise me on to make the a/r debit credit entries,
sales entries
cogs sold entries
inventory entires
Debit GL 110100 Accounts Receivables 53,247.46
Credit GL401000 Sales 53,247.46
Debit Cash / Bank 63,506.31
Credit GL 110100 Accounts Receivables 53,247.46
What do i for GL COGS And Inventory?
Any help to correct these transactions and or explain step by step is great appreicated as i am in a rough patch now