Overview: A purchase journal is a special journal that uses to record all of the transactions related to purchases on credit. This special journal is prepared for reducing the large of transactions in the general journals. And it is normally prepared only if the entity has a lot of purchases on credit transactions. If there […]
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Overview: A cash payments journal is a special journal that records all the payments that an entity made by cash. This special journal is created when the entity makes the accounting records using an accounting manual, and many cash payments transactions occur. Especially when there are large cash payments transactions that occur in the business
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Definition A Sales Journal, also known as the Sales Day Book, is a specialized accounting journal used to record all credit sales of merchandise. It simplifies the bookkeeping process by providing a space where all sales transactions can be recorded chronologically rather than entering them directly into the general ledger or the customers’ subsidiary ledger accounts.
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Definition: The general journal is the book that entity firstly records all of the daily financial transactions in it. It is also called a book of original entries because all of the transactions are records in this book before moving to other books. The entity also records other non-financial transactions that occur in the business
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