Cost Of Goods Sold

by Phyllis
(North Bergen, New Jersey)

I have a restaurant equipment company. When I buy equipment to sell do I put it under cost of goods sold?

Cost of Sales

by Justine
(Easton, MD)

Hello,

We are a new company (an LLC). We are service only and will not have any inventory on hand. When we create an invoice in our accounting system we debit AR and Credit Sales. We want to show the cost of sales related to each invoice and we believe we'll have to just go into GL and create an entry. If we want to include labor and supplies purchased for cost of sales, how would we enter that in GL? My initial thought was to Debit Cost of Sales Wages and Credit wages expense (to record labor specific to that job). And then Debit Cost of Sales other and Credit Supplies expense (to record the supplies bought for that job). Would this be correct? I wasn't sure what I should do to make sure that cost of sales showed up on the income statement. Thank you!

Cost of Goods Sold

When purchasing equipment does it go under cost of good sold?

Costs of Goods Sold

What is costs of goods sold?