Asked by Nathan Labonté on Jul 12, 2024
Verified
Journal entries can have more than two accounts as long as the debits equal the credits.
Journal Entries
Written records of all the financial transactions of a business, which are then used to prepare financial statements.
Debits Equals Credits
A fundamental principle of accounting stating that for every transaction, the total debits must equal the total credits in a double-entry bookkeeping system.
- Master the fundamentals of the double-entry accounting system.
- Identify the pieces and purposes involved in the practices of journalizing and ledger posting in accounting.
Verified Answer
SB
Shalane BrightJul 16, 2024
Final Answer :
True
Explanation :
This is true. Journal entries must be balanced, meaning the total debits must equal the total credits. There can be multiple accounts involved in a single journal entry as long as the debits and credits balance out.
Learning Objectives
- Master the fundamentals of the double-entry accounting system.
- Identify the pieces and purposes involved in the practices of journalizing and ledger posting in accounting.
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