In Addition to Keeping the Records of a Purchase Transaction,the

question 128

True/False

In addition to keeping the records of a purchase transaction,the accounting department should prepare and mail checks in payment of invoices.

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Definitions:

Debits

Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.

Credits

Accounting entries that increase liabilities or decrease assets, or record income in double-entry bookkeeping.

Journal Entry

A Journal Entry is a record in bookkeeping that logs the debit and credit parts of a financial transaction in accounting.