A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits.

What is simple entry?

Meaning of simple entry in English a record in a ledger (= book showing money that has been spent and received) that shows one credit or one debit relating to each transaction: Simple entry accounting is the system most of us use for our day-to-day accounts.

What is simple journal entry example?

A simple journal entry is an accounting entry in which just one account is debited and one is credited. … Simple journal entries are commonly used for minor transactions, such as to record a purchase, a sale, or a refund. Many entries are much more complex; for example, a payroll entry may involve several dozen accounts.