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Business Studies

Functions of Financial Market

Which one of ...

Question

Which one of the following entry is not recorded in the residuary journal?

A

Opening entry

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B

Closing entry

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C

Adjustment entry

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D

Credit sales

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Solution

The correct option is C Credit sales
Journal are classified as subsidiary books which includes sales journal, purchase journal, sales return journal, purchase return journal etc. The transaction which are not recorded in subsidiary journal are recorded in residuary journal. Credit sale is recorded in sales journal.

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