Hello in this lecture we’re gonna be talking about the lastin first out inventory method, we will once again be selling our coffee mugs. Here, we will not be specifically identifying the coffee mugs that we sell, but rather using a cost flow method, that method been a lastin. First out this time, whenever doing a cost flow method, I do recommend setting up a worksheet such as this with three parts to it having the purchases, the cost of the merchandise and the ending inventory, and then calculating the units that we’re going to sell the unit cost and the total cost for those particular categories. As we will do here. This will answer the most amount of questions in any format that those questions could be asked. What we are trying to do here is of course, say that the inventory that is reported on the trial balance needs to be backed up in terms of a worksheet Why? Because on the trial balance, it’s reported in terms of dollars.
Hello in this presentation we will describe the statement of equity objectives, we will be able to at the end of this describe the statement of owner’s equity, list the components of the statement of owner’s equity and explain the reasons for a statement of owner’s equity. When we consider the statement of owner’s equity, we are like the income statement and unlike the balance sheet, talking about a timeframe, meaning we have a beginning and end point, unlike the income statement, the beginning point is not zero meaning we are going to start at the beginning point of the net value or the equity section of the prior balance.
This presentation and we’re going to apply a credit or an advanced payment to an invoice. In other words, we got paid in advance by a customer recorded that into the system. Now we’re going to create an invoice and apply that event advanced payment to it. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at our flowchart in the desktop version.
This presentation and we’re going to record a sales receipt and deposit. In other words, we’re going to imagine there’s a sale that takes place, we’re going to make that sale, record that sale with the sales receipt and then go to the bank with that deposit, deposit that into the bank and record that deposit as well into our system. Let’s get into it with Intuit QuickBooks Online.