What is compound journal entry? Give an example
Answers
Answered by
8
Simple and Compound Entries. A simple journal entry has a debit and 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.
Similar questions