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Topic Content:
- Meaning of Sales Day Book or Sales Journal
- Nature of the Account
- Trade Discount
- Example of Trade Discount
- Format of Sales Day Book
What is Sales Day Book?
This is a book of original entryBook of original entry is an accounting book or journal in which invoices, vouchers, cash transactions and others are first recorded before they are transferred to ledger accounts. This is the... More or prime entry into which credit sales are recorded before posting to the ledgers. In the sales daybook, cash transactions must not be recorded .
- Cash Purchases = pay now.
- Credit Purchases = pay later.
Note: The total of the sales day book will be transferred to the credit side of the sales
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