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Trying to figure out if a service business would have COGS on their income statement?
I have a trucking business where I hire myself out to other carriers. Want to
Know if the gas I use to perform this service for other carriers would be charged to Fuel Expense or does it go to COGS? |
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Normally service companies will not have a COGS account. COGS stands for Cost Of Goods Sold. You are providing a sercvice, not selling goods. COGS is used by a manufacturing company because they make and sell goods.
As a service company you should use an expense account like Fuel Expense. |
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