The basic form of a journal entry has the: Group of answer choices debit account entered first and indented credit account entered first and indented. debit account entered first at the extreme left margin. credit account entered first at the extreme left margin.
Question
The basic form of a journal entry has the: Group of answer choices
debit account entered first and indented
credit account entered first and indented.
debit account entered first at the extreme left margin.
credit account entered first at the extreme left margin.
Solution
The basic form of a journal entry has the debit account entered first at the extreme left margin.
Here's why:
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A journal entry is the first step in the accounting cycle and is used to record all business transactions in the accounting system.
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In a journal entry, the debit account is always entered first. It is written at the extreme left margin of the journal entry column.
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The amount of the debit is recorded in the debit column.
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The credit account is entered below and indented to the right of the debit account.
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The amount of the credit is recorded in the credit column.
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This format helps to clearly distinguish between the debit and credit parts of the journal entry.
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