When recording transactions in the T-accounts, the debits should equal the credits:
A)Always.
B)Sometimes.
C)Never.
D)Only for asset accounts.

Question

Quizplus · Accepted Answer

The fundamental accounting equation states that assets = liabilities + equity. This equation must always balance, and as a result, the total debits must always equal the total credits in a transaction. Therefore, choice A is correct.

When Recording Transactions in the T-Accounts, the Debits Should Equal