Question

Which of the following should be included in

any journal entry?

A. A calculation of owner's equity

B. Either a debit or a credit

C. The total debits and credits for
the period

D. Both a debit and a credit

Answer 1

A debit entry represents the increase in an asset or expense account, while a credit entry represents the increase in a liability, equity, or revenue account. The correct answer is D. Both a debit and a credit.

Step-by-step explanation:

In accounting, every journal entry should include both a debit and a credit. A debit entry represents the increase in an asset or expense account, while a credit entry represents the increase in a liability, equity, or revenue account.

For example, if a company purchases inventory on credit, the journal entry would include a debit to the Inventory account (increase in asset) and a credit to the Accounts Payable account (increase in liability).

Therefore, the correct answer is D. Both a debit and a credit.