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Posts by Caroline Grimm

link to Do You Have to Know Accounting to Use QuickBooks?

Do You Have to Know Accounting to Use QuickBooks?

Although you do not need to know accounting to use QuickBooks, FreshBooks, Xero or other accounting software, knowing the basics of how accounting works can make using software easier and provide...

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link to What is Cost of Merchandise Sold

What is Cost of Merchandise Sold

In accounting, Cost of Merchandise Sold is an account used to track the costs associated with the purchase of products for resale in a merchandising or retail business. Cost of Merchandise Sold does...

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link to What is Cost of Goods Sold?

What is Cost of Goods Sold?

In accounting, Cost of Goods Sold is an account used to track the costs associated with the manufacture of a product, including cost of raw materials, direct labor, packaging, and other direct costs....

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link to What is Inventory?

What is Inventory?

Inventory is an accounting of items owned by a business that will either be sold to customers or converted from raw materials into items that will be sold to customers. Inventory is an asset. It has...

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link to How to Use the Percent of Sales Method for Bad Debts

How to Use the Percent of Sales Method for Bad Debts

Under the Percent of Sales Method for tracking bad debts, credit sales (not cash sales) are multiplied by a percent to arrive at the estimate for bad debts. That percentage will be based on the...

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link to How to Use the Aging of Accounts Receivable Method for Bad Debts

How to Use the Aging of Accounts Receivable Method for Bad Debts

Under the Aging of Accounts Receivable Method for accounting for bad debts, a company creates an estimate of bad debts based on the age of outstanding invoices. This estimate is based on a company's...

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About the Author

Caroline Grimm is an accounting educator and a small business enthusiast. She holds Masters and Bachelor degrees in Business Administration. She is the author of 11 books and the creator of Accounting How To YouTube channel and blog. For more information visit: https://accountinghowto.com/about/

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