Invoice & AR Adjusting Entry Part 2 Solution 10.26

This presentation and we’re going to continue on with our adjusting entry related to an invoice that was entered into the wrong period. We laid out the problem last time. Now we’re going to enter the adjusting entry of this time. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to open up our reports.

Sales Receipts & Deposit 8.25

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.

Inventory Methods Explained and compared FIFO LIFO Ave

First in first out FIFO, last in first out LIFO, Average inventory methods are estimates about inventory cost flows, first in first out estimating that the first items of inventory purchased are the first sold, FIFO inventory assumption being most intuitive for most because is what most would imagen as the actual inventory flow being that we try and sell the first inventory items first but note that first in first out is just an assumption and does not mean that the actual flow matches the assumption. Last in last out assumes we sell last unit of inventory first, LIFO seeming unusual to most because we imagine that we would try to sell the first unit of inventory first not the last unit of inventory first but note that these are assumptions about inventory flow and not the actual inventory flow. The comparison of FIFO and LIFO are a good example of how estimates, related to inventory in this case, have an impact on the financial statement and net income. The average method of inventory, being an average will be in the middle of first in first out FIFO and last in last out LILO
Why Learn Accounting – Financial Accounting / Managerial Accounting
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101 Double Entry Accounting System Explained – Accounting Equation
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101 Cash vs Accrual – Cash Method / Accrual method differenc
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101 Revenue Recognition Principle
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Double Entry Accounting System Explained – Balance Sheet
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101 Income Statement Introduction
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101 Accounting Objectives – Relevance Reliability Comparability
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101 Transaction Rules – Accounting Equation
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101 Transaction Throught Process / Steps – Accounting Equation
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101 Owner Deposits Cash Transaction Accounting Equation
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101 Work Completed for Cash Transaction Accounting Equation
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100.110 Pay Employee with Cash Transaction Accounting Equati
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200 Debits & Credits Normal Balance – Double Entry Accounting Sy
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200 Debits & Credits – One Rule to Rule Them All
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