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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
Should debits equal credits when making a journal entry?
Total Debit should equal to Total Debit at all times.
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.
What is a description of the functions of a general journal?
It describes debits and credits in the general journals
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
Can Journal entries can have more than two accounts as long as the debits equal the credits?
yes
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
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
What if Trial balance debits and credit equals?
If you do a Trial Balance and your Credits Equal your Debits, then more than likely your books are correct.In double entry accounting the debits and credits must balance or be equal.
An account will have a credit balance if the?
credits exceeds the debits
