Late Learner
Oct 13, 2009, 03:50 AM
What journals do I prepare for closing inventories.
I have an opening inventory balance of $8,000 and need to show journals to get the closing inventory balance of $12,000.
My trial balance shows net purchases of $77,000 and net sales of $283,500.
The other relevant (to me) items are buying exps $1,000, Advertising $4,000, salaries $35,000, Office Exps $21,000 - have I left something out?
My understanding is Opening balance + net purchases - COGS = Closing
What do I include in COGS and what journals do I do?
I have an opening inventory balance of $8,000 and need to show journals to get the closing inventory balance of $12,000.
My trial balance shows net purchases of $77,000 and net sales of $283,500.
The other relevant (to me) items are buying exps $1,000, Advertising $4,000, salaries $35,000, Office Exps $21,000 - have I left something out?
My understanding is Opening balance + net purchases - COGS = Closing
What do I include in COGS and what journals do I do?