Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   In accounting what does it mean to back out (https://www.askmehelpdesk.com/showthread.php?t=460724)

  • Mar 27, 2010, 10:11 AM
    Bingopajama
    In accounting what does it mean to back out
    A question on my homework says "Ended the year with an inventory balance of $100. (Hint: You must back out the supplies expense) The supplies expense (a question asked before this one) stated "ordered and received $2400 worth of supplies and sent the supplier a check for $1800. These questions are part of a transactions worksheet I'm creating.
  • Mar 27, 2010, 10:46 AM
    pready

    You need to take your beginning inventory balance + purchases made during the year - ending balance to get the inventory that was used during the year. This is your Supplies Expense for the year.

  • All times are GMT -7. The time now is 04:20 AM.