Question

When preparing journal entries, the account titles are selected using either the dropdown menu (if available) or by keying in the account titles.True or False?

Answer 1

Answer:

True

Explanation:

The journal entries are the recording of the transactions in which the one account is debited and another account is credited along with the description and the date.

If we take the example.

Rent is paid for cash for $10,000

So, the journal entry would be

Rent expense A/c Dr $10,000

      To Cash A/c $10,000

(Being rent is paid for cash is recorded)

So, the given statement is true