We have recorded a purchase of €1,000 in our books, but the goods are still in transit (currently heading to our warehouse in a lorry--freight collect). Today is December 31^st. What should we do?

Question

We have recorded a purchase of €1,000 in our books, but the goods are still in transit (currently heading to our warehouse in a lorry--freight collect). Today is December 31 st . What should we do?

Accepted Answer

Include the cost of the goods (1,000) as more final inventory.

Answer

I don't know the answer

Answer

Nothing: the invoice has already been recorded in the books

Answer

We should not record the invoice until the goods are received.

Answer

1000  (120)  Retained earnings   to    Purchases (600) 1000

Crowdly

We have recorded a purchase of €1,000 in our books, but the goods are still in t...

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