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Assuming a periodic inventory system, the journal entry to record the purchase on account of $920 of merchandise with freight of $75 prepaid and added to the invoice is debit Purchases $920, debit Freight In $75; credit Accounts Payable $995.
A stock control system (or stock system) is the process by means of which you music your items at some stage in your whole supply chain, from buying to manufacturing to quit income. It governs how you technique inventory management in your commercial enterprise.
stock refers to all of the items, goods, products, and materials held through an enterprise for promoting within the market to earn an income. instance: If a newspaper vendor uses a vehicle to supply newspapers to the clients, only the newspaper may be taken into consideration in inventory. The car may be handled as an asset.
The primary feature of stock is to offer operations with ongoing delivery of substances. To acquire this feature efficiently, your enterprise ought to attempt to find a sweet spot between too much and too little, without ever strolling out of inventory.
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