Question: In a compound journal entry: Multiple Choiceif two accounts are debited, two accounts must be credited.if two accounts are debited, at least one account must

In a compound journal entry:

Multiple Choiceif two accounts are debited, two accounts must be credited.if two accounts are debited, at least one account must be credited.total debits must equal total credits.both if two accounts are debited, at least one account must be credited and total debits must equal total credits are correct.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1.The asset section of a classified balance sheet includes * a.Current liabilities, long-term investments, property, plant and equipment, and intangible assets. b.Current assets, non-current assets,...

5.Which financial statement shows whether the business earned a profit or loss, and also lists the types and amounts of the revenues and expenses? * a.Statement of financial position b.Balance sheet...

I need help with a last minute Accounting 1 assignment. My regular tutor is off the grid so I am looking for a replacement. I have created the outline for you and enclosed the rubric, plus all f the...

(Click the icon to view the information) Premium Company reported the following variances (Click the icon to view the variances) Premium produced 1,000 units of finished product in 2018 Read the...

157) For a journal entry with only two lines, the following entry is valid Increase in Owners' Equity, Decrease in Expense. A) False B) True 158) The Statement of Cash Flows is a: A) Snapshot B)...

please answer all the questions 98) For a journal entry with only two lines, the following entry is valid Increase in an asset, Decrease in Dividends. A) True B) False 99) ABC paid dividends of...

1.An obligation of a business that represents the claims of others against the assets of he business is called a(n) * A.asset B.liability C.expense D.revenue E.equity 2.The general journal provides a...

i increase the price but i need that you check the general journal because it's automatically the worksheet you can't change the worksheet Building Blocks of Accounting .. A Financial Perspective to...

Crystal Nelson is 30 years old and she invests $3,300 in an annuity, earning a 8% compound annual return at the beginning of each period, for 21 years. What is the cash value of this annuity due at...

Carlos is a one-third general partner in the CTC Partnership. His adjusted tax basis in the partnership at the beginning of Year 3 is $50,000. The partnership had no debt at the beginning of the...

iz Instructions assessment measures concepts learned in ACCT 1 1 0 0 and ACCT 1 1 1 0 . Question 9 Identify the accounts that would normally have balances in the debit column of a business's trial...

Q What is the function of anti-pumping in the circuit breaker?