What is a compound journal entry give an example
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A compound journal entry has multiple debits , multiple credits or both debits and credits.
For example: a business vehicle purchased for $12,000 with $2,000 down and the remainder financed is recorded as a $12,000 debit to equipment, , a $2,000 credit to cash and a $10,000 credit to loans payable.
For example: a business vehicle purchased for $12,000 with $2,000 down and the remainder financed is recorded as a $12,000 debit to equipment, , a $2,000 credit to cash and a $10,000 credit to loans payable.
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