One debit account and more than one credit account in a entry is called compound entry.

True

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False

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Solution

The correct option is A True
Compound journal entries are those in which more than two accounts are affected. A compound entry may require that two or more accounts be debited or two or more accounts be credited. Suppose a business borrows money to purchase an asset, such as a building.

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One debit account and more than one credit account in a entry is called compound entry.

The correct option is A TrueCompound journal entries are those in which more than two accounts are affected. A compound entry may require that two or more accounts be debited or two or more accounts be credited. Suppose a business borrows money to purchase an asset, such as a building.

The correct option is A True
Compound journal entries are those in which more than two accounts are affected. A compound entry may require that two or more accounts be debited or two or more accounts be credited. Suppose a business borrows money to purchase an asset, such as a building.