When Recording Transactions in T-Account Format, We Must Add an Additional

question 61

Multiple Choice

When recording transactions in T-account format, we must add an additional step to the transaction analysis process. Which of the following is the additional step?

• A) Determine what accounts and elements in the equation are affected by the transaction.
• B) Determine if the affected accounts are increased or decreased by the transaction.
• C) We must have equal debits and credits once the entry is recorded in the accounts.
• D) The accounting equation must remain in balance after each transaction.

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