In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned in which it is collected

In recording an accounting transaction in a double-entry system the number of debit accounts used must be equal the number of credit accounts used there must always be entries made on both sides of the accounting equation the total of the debit entries must equal the total of the credit entries transaction is recorded twice The revenue recognition principle requires that revenue be recognized in the accounting period before it is earned after it is earned after it is earned in which it is earned in which it is collected

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 1E: On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the...

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