What is compound general entry? Give an example.
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hey friend!
Simple and Compound Entries. A simple journal entry has a debitand credit of equal value. For example, a $12,000 business vehicle purchased with cash is recorded as a $12,000 debit to equipment and a $12,000 credit to cash. A compound journal entry has multiple debits, multiple credits or both debits and credits.
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Simple and Compound Entries. A simple journal entry has a debitand credit of equal value. For example, a $12,000 business vehicle purchased with cash is recorded as a $12,000 debit to equipment and a $12,000 credit to cash. A compound journal entry has multiple debits, multiple credits or both debits and credits.
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Hey mate here is your answer
When logging a business transaction that affects several accounts, a compound entry is recorded in your accounting journal. The entry may be a combination of several debits and credits, but as per the double entry system in accounting, the sum of all entered debits and the sum of all entered credits will be equal.
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When logging a business transaction that affects several accounts, a compound entry is recorded in your accounting journal. The entry may be a combination of several debits and credits, but as per the double entry system in accounting, the sum of all entered debits and the sum of all entered credits will be equal.
Hope it helps plz mark as brainliest
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