Answer to Question #121780 in Accounting for NGUYỄN HẢI AN

Question

A Joel took goods from inventory for his own use, cost $220.
Can you help me about record the transactions using double entries
I don't know Debit is Drawings and credit is Purchase or debit is Drawings and credit is Inventory?
Thanks all

Answer 1

Reflects the actual revenue from the sale of goods

Debit other settlements with staff for other operations credit sale - 220

Written off goods released to employees:

Debit cost of sales credit goods - 220

Retained from the employee's salary the value of goods:

Debit Settlements with personnel credit settlements with personnel for other operations - 220