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IdentiSr THREE journals (day books), other than the General Journal which JZVariety Store can use.

Question

IdentiSr THREE journals (day books), other than the General Journal which JZVariety Store can use.

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Solution

  1. Sales Journal: This journal is used to record all of the company's sales on credit. Each entry in the sales journal typically includes the date of the sale, the account number of the customer, the invoice number, and the amount of the sale.

  2. Purchase Journal: This journal is used to record all purchases made on credit for the business. Each entry in the purchase journal typically includes the date of the purchase, the account number of the supplier, the invoice number, and the amount of the purchase.

  3. Cash Receipts Journal: This journal is used to record all cash transactions received by the business. This includes not only cash sales, but also cash received from customers in payment of their accounts, and cash received from all other sources.

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