The double-entry accounting system means A.Each transaction is recorded with two journal entries. B.Each item is recorded in a journal entry, then in a general ledger account. C.The dual effect of each transaction is recorded with a debit and a credit. D.None of these answer choices are correct.

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Answered: The double-entry accounting system…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The double-entry accounting system means

	A.	Each transaction is recorded with two journal entries.
	B.	Each item is recorded in a journal entry, then in a general ledger account.
	C.	The dual effect of each transaction is recorded with a debit and a credit.
	D.	None of these answer choices are correct.

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