Question

How must each transaction be recorded in the double-entry system? a : in at least two different accounts b : as a revenue first and then as an expense c : in a journal and in a ledger d : at the beginning and end of the month?

Answer 1

Each transaction in the double-entry system must be recorded in at least two different accounts and the double entry does not refer to beginning and end of the month. Every record entered should be satisfying the accounting equation, Assets = Liabilities + Equity.