One last question on this subject.
I have read a lot of posts that recommend crediting owners equity and charging the appropriate expense account.
I have purchased something for resale on my personal credit card. Should I charge it to Inventory Expense?
I know this probably sounds like a dumb question, but I just want to make sure I do things as accurately as possible.
Thanks
You post clearly indicates that this should not be your last question on this topic.
You are absolutely correct. Believe it or not - I do have a clear understanding of how to handle this now. I researched a few Newsgroups and read a lot since I posted this question.
I should have done that first. Accept my apologies.
Thanks
Yep.
Nope. Allan is correct. OP should consult his accountant. "Inventory" is not an expense. Depending on his current procedures, the purchase might be charged to "Inventory" (Asset) or to Cost of Goods Sold. Only the accountant knows, as OP clearly does not know - unless this is a follow-up to a specific previous post, which isn't clear.
There's no such thing as "Inventory Expense," so you can't "charge" anything there.
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