Journal entries

4 practice questionsFinancial AccountingStep-by-step solutions

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An increase in an asset account is recorded as a:

A.Credit

B.Debit

C.Neither

D.Both

A journal is used to:

A.Summarize the final accounts

B.Record transactions in chronological order

C.List only assets

D.Calculate taxes owed

For any single journal entry to be valid, the total debits must:

A.Exceed the credits

B.Equal the total credits

C.Be less than the credits

D.Be zero

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