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UI Post-UTME Financial Accounting 2024 (Model questions) Question 5

Question 5

Books of Original Entry

Which of the following is a function of the sales journal

  1. A.it records both cash and credit sales
  2. B.it shows the balance in the sales account
  3. C.it record credit sales only
  4. D.it shows the aggregate balances in the debtors lodger
Show the answer and explanation

Answer: C (it record credit sales only)

Explanation

Only credit sales go in the sales journal; cash sales are recorded in the cash book.