Each transaction entered in a general journal must have equal dollar amounts of debits and credits.

Name: Each transaction entered in a general journal must have equal dollar amounts of debits and credits.
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Question

Quizplus · Accepted Answer

This is because of the double-entry accounting system, which requires that every transaction affects at least two accounts in a way that the total debits equal the total credits, maintaining the accounting equation's balance.

Each Transaction Entered in a General Journal Must Have Equal