Why a ledger account has only a debit and credit column

Reference no: EM131499193

Question: 1. Explain why a ledger account has only a debit and credit column to receive dollar value entries.

2. Explain if it is possible for a transaction to affect an asset account without also affecting some other asset or a liability or owners' equity account.

3. Discuss why the adjusting entries is necessary at the end of each operating period are made before the end-of-period financial statements are prepared.

Reference no: EM131499193

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