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General Ledger
A comprehensive collection of a company's accounts and transactions, serving as the foundation of the accounting system.
Controlling Account
The account in the general ledger that summarizes the balances of the accounts in a subsidiary ledger.
Purchases Journal
The purchases journal is a financial record keeping system where a business logs all purchases of inventory on credit, excluding cash purchases.
Store Supplies
Consumable items used in the day-to-day operations of a retail store, such as bags, cleaning materials, and office supplies.
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