The transaction that completes its double entry in the same ledger account appears in?
Answer Details
The transaction that completes its double entry in the same ledger account appears in the cash account and bank account.
Double entry accounting is a system of recording financial transactions where every transaction affects at least two accounts - one account is debited and another account is credited. This ensures that the accounting equation (assets = liabilities + equity) remains balanced.
In the case of a transaction completing its double entry in the same ledger account, it means that both the debit and credit entries of the transaction are made in the same account. This can only happen in the cash account and bank account since they are the only two ledger accounts that can have both debit and credit entries.
For example, if a company withdraws $500 cash from their bank account, the double entry for this transaction would be a debit of $500 in the cash account and a credit of $500 in the bank account. Both entries are made in different accounts, but in this case, they complete their double entry in the same ledger account, which is the bank account.