Which of the following statements is true? Correct Answer None of the other statements is true. You Answered The general ledger keeps a record of the changes in the permanent accounts of the entity but not the temporary accounts because the temporary accounts are closed at the end of the period. Under the double-entry system of accounting, recording a transaction will always result in exactly one debit and one credit being recorded in the general journal. Net Assets are equal to the amount of Total Liabilities less the amount of Equity. A trial balance ensures that all accounting transactions within a period have been correctly recorded.