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journal
Purchases on account
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
journal
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
Purchases on account
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
they are recorded in a general journal.
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Sales returns journal records all sales return transactions only and no other transaction of business is recorded.
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
Journal entries are those entries which are recorded first time when any transaction occured while adjusting entries are only recorded when there is any adjustment required in previously created journal entry.