The two-column journal a.contains a debit and a credit column for recording the amounts for each transaction. b.contains two description columns, one for debits and one for credits. c.contains the activity related to one account. d.is used to record the balances for each transaction.
The two-column journal a.contains a debit and a credit column for recording the amounts for each transaction. b.contains two description columns, one for debits and one for credits. c.contains the activity related to one account. d.is used to record the balances for each transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The two-column journal
a.contains a debit and a credit column for recording the amounts for each transaction.
b.contains two description columns, one for debits and one for credits.
c.contains the activity related to one account.
d.is used to record the balances for each transaction.
Expert Solution
Step 1
Lets understand the basics.
The two column journal is a journal which is having debit and credit side.
It is there to record the financial event and transaction occur during particular event.
It is require to determine which account needs to debit and which accounts needs to credit with which amount.
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