Question

question 4 (2 points)
according to the video on identifying and recording a transaction and your readings, select which elements must be present in a journal entry. select all that apply
which financial statement is affected
a minimum of two accounts
a short explanation of what economic activity occurred in italics
only one account is required
a date

Explanation:

• Which financial statement is affected: Journal entries are about recording transactions, not directly identifying the affected financial statement at the journal entry level. So this is not a must.
• A minimum of two accounts: Journal entries follow the double - entry system, which means at least two accounts (one debit and one credit) are involved. So this is a must.
• A short explanation of what economic activity occurred in italics: A journal entry has a description (explanation) of the transaction, often in italics (in some formatting conventions), to clarify the economic event. So this is a must.
• Only one account is required: As per double - entry accounting, at least two accounts are needed, so this is incorrect.
• A date: Journal entries record transactions with their respective dates to maintain chronological order and proper accounting period allocation. So this is a must.

Answer:

• A minimum of two accounts
• A short explanation of what economic activity occurred in italics
• A date