When preparing a journal entry for a transaction that affects retained earnings, the retained earnings account should be debited or credited directly rather than debiting or crediting the account which will ultimately cause retained earnings to change. True or false?.

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06-09-2022
Business

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When preparing a journal entry for a transaction that affects retained earnings, the retained earnings account should be debited or credited directly rather than debiting or crediting the account which will ultimately cause retained earnings to change. True or false?.

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-12T00:59:03-04:00

The given statement of journal entry is False.

What is Journal Entry?

Journal entries in an accounting book serve as a record of financial activities for an organisation. A correctly documented journal entry includes a specific date, the sums to be charged and credited, a description of the transaction, and a unique reference number. A company's financial transactions are listed in a journal together with the accounts they have an impact on. Because most organisations employ a double-entry accounting system, every financial transaction has an impact on at least two accounts; one account is debited, while the other is credited. This shows that a journal entry has an equal number of debit and credit entries.

To Prepare a Journal Entry First, carefully read and understand the transaction. Before making a journal entry, determine which accounts need to be credited and debited. After recording the transaction in the journal, write down the narrative (summary description) for both the debit and credit transactions. The purchase of equipment by a country, where the cash account will be credited and the equipment account debited, is an example of a journal entry.

Hence, the given statement is false.

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