Thank you so much. How about if the Beginning Inventory is missing? I am helping a family friend who has a flower busines and their books are so screwed up. Please help:)
Have you got a video about how to compute the purchase for the period when the problem only gives the ending balance of the purchase account, the increase or decrease of the inventory account but does not give the info about COGS for the period? A periodic inventory method is used in this situation. Thanks.
Hi, Do you have a vid showing me how to put Inventory into a Adj Trial Balance? I don't understand how the values fit into Debit Credit columns and what rows they go to (Opening, Inventory and Closing). Mine just doesn't balance. Thanks!!
Hi Nadine, a purchase return would be returned at the last expensed moved from inventory to cost of goods sold. We not go back to when the inventory was sold. Generally, because we are doing this at the end of the period, it gets sucked into the ones that were sold. It is usually so small in comparison to everything else that it becomes immaterial. Hopefully that helps.
Great videos!, you are a good teacher.
This helped me in 2022. Thank you😊
Hopefully my other lessons are just as helpful in 2022 since there are still 9 more months in the year! - Patrick
you make my day. Thanks sir!
You are a God send to Me!!
Thanks for watching. Patrick
Thank you so much. How about if the Beginning Inventory is missing? I am helping a family friend who has a flower busines and their books are so screwed up. Please help:)
Have you got a video about how to compute the purchase for the period when the problem only gives the ending balance of the purchase account, the increase or decrease of the inventory account but does not give the info about COGS for the period? A periodic inventory method is used in this situation. Thanks.
Hi, Do you have a vid showing me how to put Inventory into a Adj Trial Balance? I don't understand how the values fit into Debit Credit columns and what rows they go to (Opening, Inventory and Closing). Mine just doesn't balance. Thanks!!
what if there was a purchase returns and sales returns?
Hi Nadine, a purchase return would be returned at the last expensed moved from inventory to cost of goods sold. We not go back to when the inventory was sold. Generally, because we are doing this at the end of the period, it gets sucked into the ones that were sold. It is usually so small in comparison to everything else that it becomes immaterial. Hopefully that helps.
@@PatrickLeeCPA Thank you so much! I learned a lot from watching your videos! More power sir Lee!