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General Journal Entry
The basic method of recording financial transactions, involving debits and credits, in the general journal.
Sales Tax
A tax levied by governments on the sale of goods and services, typically calculated as a percentage of the retail price.
Credit Sale
Transactions where goods or services are sold by providing credit to the customer, with payment to be received at a later date.
Merchandise Return
Goods returned by the buyer to the seller after purchase due to defects, dissatisfaction, or other reasons, often resulting in a reversal or adjustment of the initial sale transaction.
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