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SALES DISCOUNTS AND CASH RECEIPTS JOURNAL
SALES DISCOUNTS
Sales discount is recorded as a reduction in sales revenue.
CASH RECEIPTS JOURNAL
Source documents: cash register tapes, sales tickets, checks received.
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
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“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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