Merchandising Operations (Journal Entries)

Reviewing the journal entries for buying and selling inventory.

[asctnky]

Involving almost all transactions possible in this section. Amazing. Thanks man.

[sebastiangomes]

Thank you so much sir ! I have a quiz tomorrow and this helped a lot

[JC-yqfz]

Great video but I have a question. The inventory on August 10th, shouldn’t it be purchase discounts ? Thanks

[darabumdarabum]

Thank you for the video. I have a question: When the shipment cost is paid, why isn't it considered a business expense? What I mean here: when you recorded the shipment payment transaction, you debited it into Inventory, but for me, inventory is an "Assets" subaccount (inventory is a type of Assets). In my mind, the shipment cost should be debited into an account that falls under Expenses (example: "operational costs" account or something along those lines) because the money/value is no longer inside my business (it has flown out of it in the form of an Expense, just like when I pay rent, the money flows out and is no longer part of my Assets).

I am not sure if I explained myself well (I am thinking of accounts in terms of the ADE LER [or the DEA LER] system).

[halafayek]

thankssss i have been looking for teacher who explains and does with me for a while

[geeksfamily]

Thank you so much this is helpful, but the problem i have is "how do u know they paid on account on august 1st"?

[YrrosSivan]

the entries in August 1 is Dr: Purchases Cr: accounts payable