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The current balance of an account is not needed when making
journal entries.
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Which of the following is not a part of a
complete journal entry?
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The balance of each account affected by the transaction
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The date of the transaction
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The accounts and amounts to be debited and credited
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A brief explanation of the transaction
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An account is an individual record of specific account detail.
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Which statement about an account is true?
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An account is an individual accounting record of increases and
decreases in specific asset, liability, and stockholders’ equity items.
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In its simplest form, an account consists of two parts.
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The right side of an account is the debit side.
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There are separate accounts for specific assets and liabilities
but only one account for stockholders’ equity items.
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