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at least more than once debit and credit account is required to be a compound journal entry.
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When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
Is a compound entry in the general journal is made to close expense accounts?
A compound entry in a general journal is any entry that has more than one debit or credit value. A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is the definition of compound journal entry?
Compound journal entry is that in which there is more than one debit and credits or where there is more than one transactions recorded on one journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
Is a compound entry in the general journal is made to close expense accounts?
A compound entry in a general journal is any entry that has more than one debit or credit value. A compound entry is used to close the expense accounts because you will need to credit all of the expense accounts, then debit either the Income Summary, or the Capital itself.
What does the journal entry to close revenue accounts involves?
Debit revenue accountCredit income statement
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
What is journal entry in accounts?
recording of business transaction in chronological order is a journal entry
What is the definition of compound journal entry?
Compound journal entry is that in which there is more than one debit and credits or where there is more than one transactions recorded on one journal entry.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
What will the journal entry of accounts recievable?
debit accounts receivablecredit sales revenue
What happends when recording a journal entRy?
When recording done as journal entry any business transaction is recorded in books of accounts and become part of business books of accounts.
What is the journal entry for parent company paid rent to holding company?
Parent company journal entry Debit cash | Credit accounts payable - rent Holding company journal entry Debit accounts receivable - rent | Credit cash
What is a reversing entry?
A reversing entry is a journal entry to "undo" an adjusting entry. When you create a reversing journal entry it nullifies the accounting impact of the original entry. Reversing entries make it easier to record subsequent transactions by eliminating the need for certain compound entries. Reversing entry can be created in two ways. First method is to use the same set of accounts with contra debits and credits, meaning that the accounts and amounts that were debited in the original entry will be credited with the same amount in the reversing journal "nullifying" the accounting impact. The second method is to create a journal with same accounts but with negative amounts that will also nullify the accounting impact of the original transaction
