Recording transactions directly in general ledger accounts

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Reference no: EM13257170

You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals, in the general ledger accounts. Lately, you have observed that the entire exercise is taking a lot of time. You are there foreconsidering recording the transactions directly into the general ledger accounts. Is this ethical and will you be following the accounting norms if you undertake such a step? Why or why not? Discuss.

Reference no: EM13257170

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