Question

every journal entry: a. must debit at least one account and credit at least one account. b. affects both an income statement account and a balance sheet account. c. is recorded in either the journal or the ledger. d. must increase at least one account and decrease at least one account.

Explanation:

In accounting, the double - entry system requires that every journal entry must have at least one debit and one credit to maintain the accounting equation. A journal entry doesn't always affect both an income statement and balance sheet account (it could be just within income statement or balance sheet accounts). Journal entries are first recorded in the journal and then posted to the ledger. Also, a journal entry doesn't always mean increasing and decreasing accounts; it could be two debits or two credits in certain complex transactions while still balancing.

Answer:

A. must debit at least one account and credit at least one account.