COGS and Current Assets

[error404llc]

Hi, Just wanna double check I'm doing this right, so I sell computers.  

When I buy a new laptop to sell on lets say on a credit card for 25, I add
the 25 value into currentassets inventory account, and then transfer it to
credit card liabilities.  then I sell the laptop.  I then decrease current
assets and increase my COGs account by 25.  and then obviously record the
sale in income for the full selling price.

Am I doing this right?  I don't record inventory in gnucash just use an
excel spreadsheet for that, since I usually only have 10-15 computers in my
inventory at any given time.


Thanks so much.



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