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Under the Stock and Debtors system, accounts are opened to record hire purchase transactions systematically. This method ensures that both goods supplied and installments due are properly accounted for. The main accounts maintained are Hire Purchase Stock Account, Hire Purchase Debtors Account, Hire Purchase Adjustment Account, and Goods Sold on Hire Purchase Account. When the business opens these accounts, specific journal entries are passed. The first step is ________ ___ _________ ________ ___ _________ _______ ___ ________ ____ _____ _____.
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