A transaction does not require counterbalancing entries so that the total assets are equal to the total liabilities plus owner's equity.

Question

Quizplus · Accepted Answer

Every transaction must have at least two entries, which means there must be a corresponding debit and credit entry. These entries must balance out so that the total assets are equal to the total liabilities plus owner's equity.

A Transaction Does Not Require Counterbalancing Entries So That the Total