Assess the truth of this statement: For a partnership, when a transaction is first recorded (put in a journal) every transaction affects at least two accounts, one account(s) will be debited and the other account(s) will be credited. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
Assess the truth of this statement: For a partnership, when a transaction is first recorded (put in a journal) every transaction affects at least two accounts, one account(s) will be debited and the other account(s) will be credited. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
Chapter21: Partnerships
Section: Chapter Questions
Problem 6BCRQ
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Question
Assess the truth of this statement: For a partnership , when a transaction is first recorded (put in a journal) every transaction affects at least two accounts, one account(s) will be debited and the other account(s) will be credited.
Group of answer choices
This statement is true.
This statement is false.
There is not enough information to determine whether or not this statement is true.
This statement is not applicable to accounting concepts.
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