0
More than one debit or credit transaction is required to be recorded as compound journal entry for example:
Debit furniture
debit building
credit cash / bank
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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.
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
Will an increase in common stock require a journal entry?
Yes, it requires a journal entry as follows:debit cash / bank / assetscredit share capital
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.
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
Will an increase in common stock require a journal entry?
Yes, it requires a journal entry as follows:debit cash / bank / assetscredit share capital
What is a compound entry?
Accounting: A journal entry that has more than one debit or credit value
What do you call a journal entry with two or more credits and debits?
Journal entry with two or more debits and credits is called "Compound Journal Entry" because either in one transaction or more than one transactions are join together in one journal entry.
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.
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 is Compound Entry?
A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries; they are combined for either of these reasons:
A sales invoice is used as documentation for a journal entry that requires a?
debit to Accounts Receivable and a credit to Sales Revenue.
How do you do journal entry for Forecasting Sales?
There is no journal entry for forecasting sales rather journal entry is made for actual sales when they occur.
