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What are the accounting journal entries to record a purchase of inventory on credit with payment terms and delivery terms of FOB shipping point?
Wiki User
∙ 16y ago
xx inventory (debit)
Account Payable (Credit)
Purchased inventory, terms of 2/30 (2/30 means 2%off if you pay full amount in 30 days) When you pay within 30 days, record as follow:
Account Payable (Debit)
Purchase Discount (Credit)
Cash (Credit)
Paid with purchase discount, terms of 2/30 issued on xxx
Wiki User
∙ 16y ago
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Inventory management techniques?
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Understate net income
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Does Littlewoods Direct have a decent price on shipping costs?
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Inventory management techniques?
An inventory is a warehouse or storage location where a business maintains stocks of its products so that it can ensure swift delivery of those products on the order. Inventory Management Techniques may include: 1. Order Management 2. Shipping Management 3. Returns Management 4. Purchase Management 5. Report and Analysis Returns Management
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