Which of the following is/are not true about a proper journal entry? Select one: a. An...
Which of the following is/are not true about a proper journal entry?
Select one:
a. An explanation is needed immediately after each debit and immediately after each credit.
b. All credits are indented.
c. A debit is never indented, even if a liability or owner's equity account is involved.
d. All debits are listed before the first credit.
e. In a compound entry, the largest amounts are listed first.
Homework Answers
Answer
- Correct Answer = Option ‘a’ An explanation is needed immediately after each debit and immediately after each credit is NOT A CORRECT statement for a journal entry.
- In actual, the explanation for transaction is provided after all the debits and credits have been recorded in the journal entry.
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