Asked by Lilian Cohaus on Jul 07, 2024
Verified
A compound journal entry affects more than two accounts in the transaction.
Compound Journal Entry
A journal entry that affects more than two accounts.
- Understand the basic concepts of journal entries, including compound entries and the debit and credit system.
Verified Answer
MM
Michael McReynoldsJul 10, 2024
Final Answer :
True
Explanation :
A compound journal entry is used when a transaction involves more than two accounts, affecting multiple debits and/or credits within a single journal entry.
Learning Objectives
- Understand the basic concepts of journal entries, including compound entries and the debit and credit system.