{"id":8766,"date":"2024-04-15T03:05:51","date_gmt":"2024-04-15T03:05:51","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8766"},"modified":"2024-04-15T03:05:51","modified_gmt":"2024-04-15T03:05:51","slug":"the-journal-entry-in-which-two-or-more-account-is-debited-or-credited-is-referred-to-as-a-journal-entry-b-multi-entry-c-additional-entry-d-compound-entry","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-journal-entry-in-which-two-or-more-account-is-debited-or-credited-is-referred-to-as-a-journal-entry-b-multi-entry-c-additional-entry-d-compound-entry\/","title":{"rendered":"The Journal entry in which two or more account is debited or credited is referred to as A. Journal entry B. Multi entry C. Additional entry D. Compound entry"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9bb0ca0d93c\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Journal entry                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Multi entry                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Additional entry                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    Compound entry                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>D. Compound entry<\/strong><\/p>\n<p>A compound entry is a journal entry in which two or more accounts are debited or credited. This is in contrast to a simple entry, in which only one account is debited or credited.<\/p>\n<p>Compound entries are used when a transaction affects two or more accounts in different ways. For example, if a company purchases equipment on credit, the journal entry would debit the Equipment account and credit the Accounts Payable account.<\/p>\n<p>Compound entries can also be used to record adjustments to accounts. For example, if a company discovers that it has overstated its inventory, it would make a compound entry to debit the Inventory account and credit the Cost of Goods <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> Sold account.<\/p>\n<p>Here is an example of a compound entry:<\/p>\n<ul>\n<li>Debit: Equipment $10,000<\/li>\n<li>Credit: Accounts Payable $10,000<\/li>\n<\/ul>\n<p>This entry records the purchase of equipment on credit. The Equipment account is debited because the company now owns the equipment. The Accounts Payable account is credited because the company owes the supplier money for the equipment.<\/p>\n<p>Here is an example of a compound entry that records an adjustment to inventory:<\/p>\n<ul>\n<li>Debit: Inventory $1,000<\/li>\n<li>Credit: Cost of Goods Sold $1,000<\/li>\n<\/ul>\n<p>This entry records the discovery that the company has overstated its inventory. The Inventory account <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> is debited because the company now has less inventory than it thought. The Cost of Goods Sold account is credited because the company has to reduce its cost of goods sold for the period.<\/p>\n<p>I hope this helps! Let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Journal entry in which two or more account is debited or credited is referred to as A. Journal entry B. Multi entry C. Additional entry D. 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