[Natalie]

I heard that it was…If it’s true…I;m screwed lol

[Natalie]

DR Non Current Asset – Computer System-$1650
CR Inventory-$1800
CR Income Received -$150

Not sure if this 100% correct but, you are now gaining part asset part income for a good sold…but either way your assets should increase, inventory should decrease and you should account for the profit made in some way. The profit is a credit entry because it will be added to Gross Profit in the Statement of Profit and Loss.

Someone correct me if I’m wrong

[Author]

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