Journal Entries: Debits and Credits Video Lessons

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Problem: The following statements pertain to recording transactions. Which statement(s) are true? I. Total debits should equal total credits. II. It is possible to have multiple debits or credits in one journal entry. III. Assets are always listed first in journal entries. IV. Some journal entries will have debits only. a. I only. b. I and II. c. I, II, and IV. d. II, III, and IV.

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Problem Details

The following statements pertain to recording transactions. Which statement(s) are true?

I. Total debits should equal total credits.

II. It is possible to have multiple debits or credits in one journal entry.

III. Assets are always listed first in journal entries.

IV. Some journal entries will have debits only.


a. I only.

b. I and II.

c. I, II, and IV.

d. II, III, and IV.

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Our tutors rated the difficulty ofThe following statements pertain to recording transactions. ...as low difficulty.