Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In recording an accounting transaction in a double-entry system there must only be two accounts affected by any transaction. the number of debit accounts must
In recording an accounting transaction in a double-entry system
there must only be two accounts affected by any transaction. |
the number of debit accounts must equal the number of credit accounts. |
there must always be entries made on both sides of the accounting equation. |
the amount of the debits must equal the amount of the credits |
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started