Question

What is double entry bookkeeping? ​

Answer 1

Answer:

Double-entry bookkeeping, in accounting, is a system of bookkeeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.

For example, if your company borrows money from the bank, the company's asset Cash is increased and the company's liability Notes Payable is increased.

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Answer 2

Answer:

Double-entry bookkeeping, in accounting, is a system of bookkeeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit.

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