Days Book and Journal

Question 1

What is the Journal

Answer 1

• Is used to record purchase and sale of non current assets on credit
• Indicates what entries are going to be made into the ledger account

Question 2

What is sales return book

Answer 2

• The sales returns day book is used to record the credit notes sent to customers relating to goods they have returned or where they have been overcharged on an invoice.

Question 3

what is sales day book

Answer 3

• Used to record the sale on credit for those goods bought specifically for resale

Question 4

What is purchase day book

Answer 4

• Used to record purchases on credit of goods brought specifically to resake
• Purchases made to suppliers

Question 5

What is Purchase return book

Answer 5

• Credit notes received from suppliers relating to goods that have been returned
• Only written when credit notes been received no the damaged good itself