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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

When entering the credit item in a general journal, it should be listed after all debits and indented.

To determine

Identify whether the given statement is true or false.

Explanation

Credit:

A credit, in an accounting term refers to the right side of an account. The term credit can be denoted as (Cr). The amounts which are recorded on the right side of the account are known as crediting.

Every transaction in the journal entry affects two or more accounts. Description column contains the accounts that are affected by each transaction...

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