Asked by Ethan Scofield on Jul 09, 2024
Verified
The debit part of the transaction is recorded second in a journal entry.
Debit Part
The left side of an accounting entry, which increases assets and expenses and decreases liabilities and equity.
Journal Entry
A recording of a business transaction in an accounting journal, indicating the financial effects of the transaction.
- Gain an understanding of the core concepts of journal entries, specifically compound entries and the operation of the debit and credit system.
Verified Answer
TB
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Final Answer :
False
Explanation :
In a journal entry, the debit part of the transaction is recorded first, followed by the credit part.
Learning Objectives
- Gain an understanding of the core concepts of journal entries, specifically compound entries and the operation of the debit and credit system.