11:44
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Simple English definitions for legal terms
sales journal
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A quick definition of sales journal:
SALES JOURNAL: A sales journal is a special book that businesses use to keep track of all the things they sell to customers on credit. It helps them keep track of who owes them money and how much they owe.
A more thorough explanation:
A sales journal is a type of bookkeeping record used to keep track of sales made on credit. It is used to record sales of merchandise on account.
For example, if a customer purchases $500 worth of goods on credit, the transaction would be recorded in the sales journal. The entry would include the date of the sale, the name of the customer, the amount of the sale, and any other relevant information.
Another example would be if a company sells $1,000 worth of products to a customer on credit. The sales journal would be used to record the transaction, including the date of the sale, the name of the customer, the amount of the sale, and any other relevant information.
The sales journal is an important tool for businesses to keep track of their sales and accounts receivable. It helps them to monitor their cash flow and ensure that they are getting paid for the goods and services they provide.