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What is a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound 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.
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 a compound journal entry?
Compound journal entry is that entry which records more than one business transaction in one single journal entry.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound 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.
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 requires a compound journal entry?
More than one debit or credit transaction is required to be recorded as compound journal entry for example:Debit furnituredebit buildingcredit cash / bank
Is the word soul mate is a compound word?
Soulmate is not commonly a compound word but I did find one dictionary entry for the word as compound.
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 simple and compound entry?
A simple entry is an accounting entry that involves only two accounts: a debit and a credit, affecting only one aspect of the business. A compound entry, on the other hand, involves more than two accounts and can affect multiple aspects of the business in a single transaction.
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:
What compound word means a secret word or phrase that is used to gain entry?
That would be password.
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.
