A compound journal entry requires several debits to one account and several credits to one account.
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Q11: A debit to an account indicates an
Q12: Revenues are a subdivision of owner's capital.
Q13: A credit balance in a liability account
Q14: All business transactions must be entered first
Q15: Debit and credit can be interpreted to
Q17: Each transaction must be analyzed in terms
Q18: A simple journal entry requires only one
Q19: Under the double-entry system revenues must always
Q20: If a revenue account is credited the
Q21: After a transaction has been posted the
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