Question

What is double entry bookkeeping

Answer 1

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☢️Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because 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.

Answer 2

ANSWER

Double entry bookkeeping is the concept that every accounting transaction has two affects on a company's finances. The general ledger is the record of the two sides of each transaction.

If a company sells a product, its revenue increases and its cash increases by an equal amount.