A journal entry must have one debit and one credit and the amounts of the debit and credits must be equal.
Correct Answer:
Verified
Q61: The accounting cycle in an organization begins
Q62: T-accounts are part of an organization's general
Q63: A contra-liability account has a debit balance
Q64: Companies should prepare trial balances before posting
Q65: General journals generally contain columns for dates,
Q67: The declaration of a dividend causes Common
Q68: A dividend is a special type of
Q69: The posting reference column of a general
Q70: If the column totals of a trial
Q71: A deferred expense is an asset account
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents