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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
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
What is a compound entry?
Accounting: A journal entry that has more than one debit or credit value
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
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
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.
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.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
Why you post journal entry?
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
