Answer / tgs100

COGS account is debited and Inventory account is credited during shipping. The amount is taken as qty*item cost from inventory item (not sale order price).
When invoice is created in AR, Receivable account is debited and Revenue account is credited. Here the amount is taken as qty*sale order unit price.
If sale order unit price is higher than item cost plus sales and distribution cost, then the company will enjoy the profit.

Please let me know the various accounting entries in AP & AR for a layman. Like invoice posting, payment, offset entries, exchange fluctuation entries, i am preparing for an interview. PLEASE HELP

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