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new to quickbooks question.
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dko_scOH
Posted 3/24/2022 10:18 (#9577422 - in reply to #9575933)
Subject: RE: new to quickbooks question.



39.48, -82.98

Definitely different from farm accounting, but I will take a stab at it!

 

Purchase shampoo, on credit, package of 24 x 16-oz bottles -- some for resale, some for use in store:

2022-03-23    Product Inventory                                                  240.00
                                Accounts Payable                                                  240.00

Remove ten bottles of shampoo from inventory, for use in store, about ten shampoos per bottle (cost allocation):

2022-03-23     In-Store Product Inventory                                     100.00
                                 Product Inventory                                                  100.00

Customer receives shampoo and style, Invoice #101:

2022-03-24     Accounts Receivable                                              75.00
                       Cost of Goods Sold                                                   1.00
                                 Salon Services                                                        75.00
                                 In-Store Product Inventory                                        1.00

Customer buys two bottles of shampoo, on credit:

2022-03-25     Accounts Receivable                                              40.00
                       Cost of Goods Sold                                                 20.00
                                 Salon Product Sales                                               40.00
                                 Product Inventory                                                    20.00

Pay supplier for shampoo:

2022-04-15     Accounts Payable                                                  240.00
                                 XYZ Checking                                                        240.00

Receive payment on Invoice #101:

2022-04-20     XYZ Checking                                                          75.00
                                 Accounts Receivable                                                75.00

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