True. A compound journal entry has more than two accounts, but the total dollar value of the debits still must equal the total dollar value of the credits.
A journal is what keeps a record of the transactions and is used mainly by accountants. There are mainly two types of journals: simple journal and compound journal. A simple journal entry involves only one debit and one credit card. A compound journal entry deals with more than two accounts at a time. It can have two or more debits, credits or both.
Compound journal entries are required for payrolls, credit card transactions, sales tax accounting and other purposes.
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