The commonly used books of original entry are Sales Journal for credit sales

The commonly used books of original entry are sales

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The commonly used books of original entry are: Sales Journal for credit sales Purchases Journal for credit purchases Returns Inwards Journal for sales returns Returns Outwards Journal for purchases returns Cash Receipts Journal for cash receipts Cash Payments Journal for cash payments General Journal for other items Illustration 1 A General Journal Date Accounts & explanation Ref Debit Credit 3.4 POSTING Transfer journal entries to ledgers Ledgers: A summary, by account, of all transactions affecting that account The different types of ledgers most business use are: Sales Ledger This is for customers’ personal account Purchases Ledger This is for suppliers’ personal account General Ledger This contains the remaining double-entry accounts, such as those relating to expenses, fixed assets, and capital.
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