Homework Answers
Solution-
answer is b
Reason-a separate ledger account is maintained for each item like for each liability, asset, owners equity)that appears in the financial reports .
other options are not feasible because if you open seperate accounts for each transactions and journal entry than that will become cumbersome process. For example-there are transactions like goods purchased on credit and second one is payment is made to the creditor. In both transactions only 3 accounts will be affected that is purchase, creditor and cash. In other words, creditor account will only be made once not twice.
and also first option is incorrect because if in the above example purchase is made today and payment is made day after tomorrow , creditor account will be made only once not twice.
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