Journal Entries Can Have More Than Two Accounts as Long

question 197

True/False

Journal entries can have more than two accounts as long as the debits equal the credits.

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Definitions:

Accounts Payable

The amount of money owed by a company to its creditors for goods and services purchased on credit.

General Ledger

A comprehensive set of accounts that provides a complete record of all financial transactions of a business, used to prepare financial statements.

Trial Balance

A report listing all accounts and their balances at a specific time, verifying that total debits equal total credits.