When an Entry Is Made in the General Journal

question 51

Multiple Choice

When an entry is made in the general journal,

• A)the accounts to be credited should be indented.
• B)liability, capital, and revenue accounts should be indented.
• C)asset accounts should be indented.
• D)the first account entered should be indented.

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Definitions:

Piece Rate

A payment method based on the amount of work completed or units produced, rather than on the amount of time spent on the work.

Clothing Manufacturer

A company that produces clothing items, from the design phase through to production and distribution to retailers.

Quota

A fixed share or a specific quantitative limit of something that one is entitled to or is required to contribute or receive.

Percent Rate

The rate of a quantity in relation to 100; often used to describe the rate of interest, inflation, or growth.