Should we record a 0 cost or how do we account for it? I know we will get a certificate from the charity saying we donated and this is for tax purposes.
2007-04-05 02:10:53 · 2 answers · asked by Sarah B 1 in Business & Finance ➔ Other - Business & Finance
would i receive it into inventory as usual and then pay the bill. then do a journal entry debiting charitable donations and crediting inventory?
2007-04-05 02:28:53 · update #1
You write of the actual cost of the product as acharitable donation. If you make widgets, and the cost of the widget is $1.00 and you wholesale that widget for $2.00, you take a charitable deduction of $1.
2007-04-05 02:17:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
get some kind of receipt from them and keep track of everything you donated and the approximate cost for each item and keep this paper work for your taxes
2007-04-05 09:16:07 · answer #2 · answered by llrager 2 · 0⤊ 0⤋