Asked by Chloe Francis on Jun 05, 2024
Verified
A transaction that involves more than one credit or more than one debit is called a compound entry.
Compound Entry
In accounting, it refers to a journal entry that involves more than two accounts whereby multiple debits and/or credits are made.
- Identify transactions that involve compound entries.
Verified Answer
JB
Jordy BloomJun 08, 2024
Final Answer :
True
Explanation :
A compound entry in accounting is a transaction that involves more than one debit or credit, affecting multiple accounts.
Learning Objectives
- Identify transactions that involve compound entries.