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Need help with journal entries for sale of inventory
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Hey, here's the info. Dec. 1/04: Sold inventory for $60000. $10000 cash down payment, 20000 payable Dec. 1/05, and 30000 payable Dec. 1/06. The cost of inventory was 40000. Customer signed an installment note which called for interest at 12% on unpaid balance on Dec. 31 '04 and '05 and Dec....
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We have a small business, sole propriortor; should we send 1099's to individuals we purchase inventory from for resale?
Can I Send out a 1099.
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I received a 1099 M for work that I hired a contractor to do. Can I send that contractor a 1099 M to offset the income I made? I am not set up as a business. If so would I use my ss# where tax id# is asked for?
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JE for sale and how it affect inventory
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How do I reduce inventory through a sale For instance my inventory item cost 200.00, I sold it for 350.00. Can someone show me the journal entry?:confused: View more questions Search
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