questions of journal entry having more than 2 debit and 2 credit....
Answers
Explanation:
yes you are write
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Explanation:
If you use a double-entry bookkeeping system, you know that every account you debit requires you to credit the corresponding account, and vice versa. But what happens when the transaction affects more than two accounts? It’s time to create a compound journal entry.
A compound journal entry may sound fancy, but it’s actually a pretty easy concept to master. Read on to learn about compound journal entries and see actionable examples.
A compound journal entry is an entry involving more than two accounts. In a compound journal entry, there are two or more debits, credits, or both. Rather than making separate journal entries for the same transaction, you can combine the debits and credits under one entry.
Keep in mind that your debits and credits must be equal in a compound journal entry.
If you have more than one debit and only one credit, the sum of your debits must equal the credit. Likewise, if you have more than one credit and only one debit, the sum of your credits must equal the debit.