How well do you know Journal Entries?
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5 True or False questions on Journal Entries. How many can you get right?
1. A Journal Entry is a record of a Financial Transaction.
2. Every Journal Entry contains exactly one Debit and one Credit.
3. In a Journal Entry, Total Debits must equal Total Credits.
4. Journal Entries are posted directly into Financial Statements.
5. A Compound Journal Entry involves more than two accounts.
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