Question

1. Double entry accounting requires that: All transactions that create debits to asset accounts must create credits to liability or capital accounts: A transaction that requires a debit to a liability account require a credit to an asset account: Every transaction must be recorded with equal debits equal total credits.​

Answer 1

Answer:

(i) All transactions that create debits to asset accounts must create credits to liability or capital accounts; ... (iii) Every transaction must be recorded with equal debits equal total credits. Answer. (iii) Every transaction must be recorded with equal debits equal total credits.