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

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

Answer

Nothing: the invoice has already been recorded in the books

Answer

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

Answer

I don't know the answer

Crowdly

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

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