top button
Flag Notify
    Connect to us
      Facebook Login
      Site Registration Why to Join

Facebook Login
Site Registration
Print Preview

What is the entry when merchandise has been received but not the vendor's invoice?

+1 vote
9 views
posted Jun 30 by Vijay

Share this question
Facebook Share Button Twitter Share Button Google+ Share Button LinkedIn Share Button Multiple Social Share Button

1 Answer

0 votes

If you received merchandise, but have not received the vendor's invoice by the end of the accounting period, you need to 1) debit Purchases (periodic method) or debit Inventory (perpetual method) for the cost of the goods or merchandise received, and 2) credit Accounts Payable. You also need to include the merchandise in your physical inventory.

When the vendor's invoice is received and processed, be sure to reverse (remove) the above entry.

answer Jul 1 by Swati Tyagi
Contact Us
+91 9880187415
sales@queryhome.net
support@queryhome.net
#470/147, 3rd Floor, 5th Main,
HSR Layout Sector 7,
Bangalore - 560102,
Karnataka INDIA.
QUERY HOME
...