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    Late Learner's Avatar
    Late Learner Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 13, 2009, 03:50 AM
    Closing Inventory Journals
    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?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Oct 13, 2009, 04:18 AM

    STOCK AT JUNE 2009

    DEBIT OPENING STOCK 1/07/2008 P & L X
    CREDIT B/SHEET OPENING STOCK B/S X
    CREDIT CLOSING STOCK 30/06/09 P & L X
    DEBIT B/S CLOSING STOCK B/S X

    Booking the Stock Position at end of the Year.

    NO COGS Journals are required.
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