. When you first choose Inventory Part item in the New item window of the Item List, which two accounts does QuickBooks look for on the Chart of Accounts List? Can you customize these accounts? If so,...

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. When you first choose Inventory Part item in the New item window of the Item List, which two accounts does QuickBooks look for on the Chart of Accounts List? Can you customize these accounts? If so,...

. When you first choose Inventory Part item in the New item window of the Item List, which two accounts does QuickBooks look for on the Chart of Accounts List? Can you customize these accounts? If so, explain how.

business accounting

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Answer 1

Answer #1

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The value of an inventory item in your books is the amount you paid for it.
Recording the purchase of an inventory item increases the value of Inventory Asset account on your Balance Sheet report by the cost of the item and increases the Quantity on Hand units for that item.
Recording the sale of an inventory item decreases the value of Inventory Asset account by the original cost of the item and decreases the Quantity on Hand units for that item.
Recording this sale also increases the Cost of Goods Sold account (COGS) by the original cost of the item and increases the Sales of Product Income account by the amount your customer paid you for the item. The difference between the income amount and the COGS amount is your gross profit on that item so we can Customize these accounts also.

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Answer 2

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