Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Reform In Transition And Developing Economies

Authors: Robert W. McGee

1st Edition

0387257071, 9780387257075

More Books

Students also viewed these Accounting questions

Question

What is random-digit dialing and why is it used?

Answered: 1 week ago

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago