By indenting
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.
posting
It describes debits and credits in the general journals
yes
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.
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.
posting
It describes debits and credits in the general journals
yes
done to check the equality of debits and credits
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.
Total Debit should equal to Total Debit at all times.
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
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.
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.
debits expense accounts and credits contra accounts
The sum total of credits minus debits represents your account balance, indicating the amount of money available in your account. Credits are deposits or inflows, while debits are withdrawals or outflows. A positive balance means you have more credits than debits, while a negative balance indicates greater debits than credits. This figure is crucial for managing personal finances and ensuring you do not overspend.