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    angeliken's Avatar
    angeliken Posts: 16, Reputation: 1
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    #1

    May 31, 2008, 08:57 AM
    Purchases versus Merchandise Inventory, beginning
    When is Purchases and Merchandise Inventory Beginning credited? Please cite an example transaction. How would you extend this to the worksheet?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    May 31, 2008, 07:13 PM
    Depends entirely on what method you're using. Since you're using a Purchases account, it sounds like you may be doing the periodic method, something not used much anymore. It also sounds like you may be referring to doing an end-of-period adjusting entry. But you've pulled this out of context, so I'm not sure.

    It also sounds a bit like a homework question. (The way it is worded is not how most people talk.) If it is, first see our guidelines about posting homework:

    https://www.askmehelpdesk.com/financ...-b-u-font.html
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