Which of the following best describes the double entry rule?
A) There can only be two entries for each transaction.
B) There must be both an increase and a decrease for an asset account for each transaction.
C) One entry must affect owner's equity.
D) The total amount of the debit entries must equal the total amount of the credit entries.
Correct Answer:
Verified
Q39: The adjusting entry for depreciation is debit
Q40: Which of the following best describes a
Q41: Which one of the following is NOT
Q42: Asset accounts:
A) are increased by debit entries
Q43: Liability accounts:
A) normally have a debit balance.
B)
Q45: Which of the following is not part
Q46: The journal entry to record the owner's
Q47: In accounting 'posting' refers to:
A) Sending of
Q48: A trial balance is:
A) A schedule that
Q49: The purpose of adjusting entries is to:
A)
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