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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.
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What is a description of the functions of a general journal?
It describes debits and credits in the general journals
Can Journal entries can have more than two accounts as long as the debits equal the credits?
yes
When is equality of debits and credits proved for a general journal?
Equality of debits and credits in a general journal is proved when the total amount of debits equals the total amount of credits recorded during a specific period. This ensures that all transactions are balanced and comply with the double-entry accounting system. Typically, accountants will review the journal entries after posting to the ledger to confirm this equality before finalizing the accounts. If the totals do not match, it indicates an error that must be investigated and corrected.
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.
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What is a description of the functions of a general journal?
It describes debits and credits in the general journals
Can Journal entries can have more than two accounts as long as the debits equal the credits?
yes
When is equality of debits and credits proved for a general journal?
Equality of debits and credits in a general journal is proved when the total amount of debits equals the total amount of credits recorded during a specific period. This ensures that all transactions are balanced and comply with the double-entry accounting system. Typically, accountants will review the journal entries after posting to the ledger to confirm this equality before finalizing the accounts. If the totals do not match, it indicates an error that must be investigated and corrected.
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
Are the debits and credits typically listed first in general journal entries?
In general journal entries, debits are typically listed first, followed by credits. This format helps clearly indicate the accounts affected and the nature of the transactions. Each entry usually includes the date, accounts involved, amounts, and a brief description of the transaction.
Should debits equal credits when making a journal entry?
Total Debit should equal to Total Debit at all times.
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
Does the debit and credit sides of a T-Account have to balance?
The debits and credits for ALL the T-Accounts must balance - if you had the same debits and credits to each T-Account, your trial balance would be all zeros. If you take all the T-Accounts you've used in making your journal entry(s) and add them up, if the total debits and total credits don't agree you're missing part of an entry.
How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
