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What are the advantages of the four different special journals?
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∙ 14y ago
- Sales journal: Efficiently records all sales transactions in one place, making it easier to track revenue and accounts receivable.
- Purchases journal: Streamlines recording of all purchases, helping to monitor expenses, track Accounts Payable, and manage inventory.
- Cash receipts journal: Provides a centralized view of all incoming cash, simplifying reconciliation of bank statements and monitoring of cash flow.
- Cash disbursements journal: Organizes all outgoing cash transactions, facilitating expense tracking, budgeting, and vendor payment management.
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