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How do I book the value of a cruise received?

Posted by tools of trade on 01/06/2009 - 17:44

We are a home builder. The lumber company gave one of the LLC members a cruise based on lumber purchases for the year. They issued a 1099 in our company's name. How do I book the $8,500 value of the cruise?

Judith Baida, bookkeeper, TX

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Value of Cruise

Judith,

This is really something you should be discussing with your company's CPA. You are clearly a good bookkeeper since you recognize that some entries to the books may be required.

You should know your CPA's preference. Would they like you to record the entry now, or would they prefer to wait and have you provide all the information with the year-end package so they can prepare the entry.

I would appreciate your response as to why contacting your company's CPA wasn't your first course of action.

Posted by bercpa on 01/09/2009 - 11:15
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