The general journal is used to record transactions in chronological order. Each transaction requires two entries, a credit and a _____.

The general journal is used to record transactions in chronological order. Each transaction requires two entries, a credit and a _____.

• A. Asset
• B. Revenue
• C. Debit
• D. Liability

Answer: (C)

In double-entry bookkeeping, every transaction affects two accounts with equal and opposite entries: one side is a debit and the other is a credit. The general journal records these in chronological order, showing the accounts impacted and the amounts. The blank is the opposite side to the credit, which is a debit. This keeps the books balanced, preserving the accounting equation. For example, purchasing equipment with cash would debit the Equipment account and credit the Cash account, reflecting an asset shift. The other options are types of accounts, not the universal balancing entry; assets, revenues, and liabilities can be either debited or credited depending on the transaction, but the essential paired entry with a credit is a debit.

In double-entry bookkeeping, every transaction affects two accounts with equal and opposite entries: one side is a debit and the other is a credit. The general journal records these in chronological order, showing the accounts impacted and the amounts. The blank is the opposite side to the credit, which is a debit. This keeps the books balanced, preserving the accounting equation. For example, purchasing equipment with cash would debit the Equipment account and credit the Cash account, reflecting an asset shift. The other options are types of accounts, not the universal balancing entry; assets, revenues, and liabilities can be either debited or credited depending on the transaction, but the essential paired entry with a credit is a debit.