Business, 06.03.2020 02:38 jjgccc

In recording an accounting transaction in a double-entry systema. the number of debit accounts must equal the number of credit accounts. b.there must always be entries made on both sides of the accounting equation. c.the amount of the debits must equal the amount of the credits. d.there must only be two accounts affected by any transaction.

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Answer from: ldibut2003

c. The amount of the debits must equal the amount of the credits.

Explanation:

a. The number of debit accounts must equal the number of credit accounts.

An account means one record entry of a transaction. There may be more credit or more debit accounts, depending on the transactions.

b. There must always be entries made on both sides of the accounting equation.

Although this happens most often, it is not always true.

The Accounting Equation: Assets = Liabilities + Owner's Equity

The two sides are separated by the equal sign. There can be a transaction that's only on one side. Example:

I buy a chair for $50 cash. Only the furniture and cash accounts are affected, and they are both on the assets side.

c. The amount of the debits must equal the amount of the credits.

This must always be equal. When you increase an asset (debit), you will increase owner's equity (credit). When you decrease an asset (credit) you could either decrease owner's equity or liability (debit).

d. There must only be two accounts affected by any transaction.

This is untrue. Sometimes, three or more accounts can be affected. For example, if I buy a chair, giving $20 down payment and borrowing $30 from the bank. The three accounts affected are furniture (increase by $50), cash (decrease by $20), and bank loan (increase by $30).

Answer from: Quest

explanation:

well obviously you must be dumb if you dont noe dat

Answer from: Quest

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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