All of the following occur with a double-entry accounting system except a. Every transaction affects at least two accounts. b. The sum of all debits is always equal to the sum of all credits in each journal entry. c. The accounting equation remains in balance. d. Each business transaction will have only two entries.

Question

Business

Eleanor Hood

14 April, 18:21

All of the following occur with a double-entry accounting system except a. Every transaction affects at least two accounts. b. The sum of all debits is always equal to the sum of all credits in each journal entry. c. The accounting equation remains in balance. d. Each business transaction will have only two entries.

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Marina Gentry · Answer 1

d. Each business transaction will have only two entries.

Explanation:

The double-entry accounting system refers to the accounting system in which there are two sides. One is debit and one is credit

Depending upon the transactions the one account is debited while the other account is credited

In a double-entry accounting system, the sum of all debits is always equal to the sum of all credits. Moreover by the accounting equation remains in balance, and for passing the journal entries, the transaction affects a minimum of two accounts, it can be more.

But there is no surety, that each business transaction will have only two entries it can be more also that would depend on the nature of the transactions