SALES AND PURCHASE JOURNAL

THE IMPORTANCE IN PREPARE ACCOUNTING RECORD

• The success and long-term sustainability of any business.

• To get profit

• avoiding penalty

• Easy to record

Definition of journal

• Evidence for a business transaction that took place

• Reconciling bank statements, accounts receivable, and accounts payable helps identify any discrepancies or errors. This ensures the financial records accurately reflect the business's true financial position.

• Chronola journal may be a physical record or a digital document stored as a book, a spreadsheet, or data entered into accounting software.

• They are then posted to the appropriate accounts in the general ledger, which serves as the central record of a business's finances.

Which of those elements are not including in accounting cycle?

• Sources Documents

• Journal

• Qualitative characteristic

• ledger

Purchase journal are recorded the :

• Credit purchase of non current assets

• credit purchase of goods

• Drawing of goods

• Purchase of personal assets

Sales journal was using to record ?

• credit sales on non current assets

• Cash sales

• cash purchases

• Credit sales of goods