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Updated 1 day ago on . Most recent reply

Amber C.'s profile image
Amber C.'s profile image
Amber C.
  • Member since Apr 15, 2024
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Amber C.'s profile image
Amber C.'s profile image
Amber C.
  • Member since Apr 15, 2024
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Amber C.
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Rehabbing & House Flipping

Journal entry for sale of flip

Amber C.
Posted

Took a loss on a flip. Purchased 2024, sold 2025. 

What is the journal entry for moving WIP to COGS while clearing the loan and showing a loss? Right now I have:

COGS- DR

Loan- DR

Bank (cash bank from sale)- DR

Closing costs- DR

WIP- CR

Sale of investment- CR

I'm off somewhere and can't figure it out. TIA!

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