Introducing credit transactions

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A simple presentation showing the entry of credit transactions into the Credit Purchases and Credit Sales Journals.

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Introducing credit transactions

  1. 1. Introducing Credit Transactions<br />
  2. 2. Why use credit?<br />
  3. 3. Credit Sales/Purchases<br />Saves cost of cheques<br />Buying on credit gives time to sell the goods purchased<br />
  4. 4. Two more journals<br />Credit Sales<br />Summary of goods sold on credit<br />Transactions traceable back to source document<br />
  5. 5. JuJine 30<br />
  6. 6. 2. Credit Purchases Journal<br />
  7. 7. Ledgers<br />Main ledger with control accounts – debtors control and creditors control accounts<br />Subsidiary ledgers with individual debtors’ and creditors’ ledger accounts – also involves debtors and creditors schedules<br />

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