Question

Which 3 statements are true about journal entries? (Select all that apply)

Answer 1

Answer: • Total debit must equal Total credits.

• When posting to the accounts receivables, you must specify a customer

• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.

Explanation:

Journal entry is a record containing the transactions made by a company and these transactions are normally grouped in the debit and the credit side.

The statements that are true about a journal entry are that:

• Total debit must equal Total credits.

• When posting to the accounts receivables, you must specify a customer.

• You can post to multiple accounts receivables and/or accounts payable accounts in the same journal entry.