Question

format for recording transactions (knowledge check 3) knowledge check 01 in preparing journal entries, it is acceptable for the amount of total debits to be higher than the amount of total credits. true or false true false

Explanation:

In accounting, journal - entry preparation follows the double - entry bookkeeping system. This system requires that for every transaction, the total debits must equal the total credits to maintain the accounting equation (Assets = Liabilities + Equity). So, it is not acceptable for total debits to be higher than total credits.

Answer:

False