Answered: True or False A journal entry that…

Business

Accounting

True or False A journal entry that affects only two accounts is called a compound entry.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8RQ: Under the allowance method, what journal entries are made if an account is collected that was...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

True or False

A journal entry that affects only two accounts is called a compound entry. Group starts

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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