Credit Sales, Credit Purchases and Returns Journals

What this note covers

1. The Role of Specialised Journals as Books of Original Entry
2. GST Clearing and its Treatment in Credit Journals
3. The Sales Journal: Recording Credit Sales
4. The Purchases Journal: Recording Credit Purchases
5. The Sales Returns Journal: Recording Returns from Customers
6. The Purchases Returns Journal: Recording Returns to Suppliers
7. Subsidiary Ledgers, Control Accounts and Verifying Balances

7 sections · 14 key terms & formulas · 6 common mistakes