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Buy nowWhat would be the Journal entries in Quickbooks , to account for this transaction? I know to credit Inventory on B/S and debit Charitable Donations acct on Income Statement.
The second entry would be to Debit End Inventory in COGS and Credit Purchases, correct?
Thanks for getting in touch with the Community, MichaelDi930.
To properly identify which accounts you should be using for certain journal entries, I'd recommend working with an accounting professional.
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The only entry is a debit to Charitable Donation and a credit to Inventory. If you use QB to track inventory, make a quantity adjustment and select Charitable Donation expense as the adjustment account.
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