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Journal entry for purchases & sales
JojoMa
Mar 10, 2012, 03:52 PM
Cash Purchases amounting to 10,000.00 vat inclusive
Cash sales amounting to 5,000.00 vat inclusive
pready
Mar 12, 2012, 06:42 AM
Debit merchandise Inventory or other appropriate account for the amount
Credit Cash for the amount
Debit Cash for the amount
Credit Sales Revenue for the amount