0
Each financial transaction is an exchange of things of value. Since it is an exchange, both sides of the transaction are described in accounting. Double entry refers to each side of the exchange - what was gained or paid for and what was the source of value given in return.
ie. paid for credit card - source = cash
put money in the bank - source = paycheck (income)
bought shoes - source = credit card
The left side of each of the examples is the debit side and the right side (source) is the credit side.
What else can I help you with?
What is meant by double entry bookkeeping?
Double entry bookkeeping involves two columns drawn up in ledger. The first column shows debit transactions and the second column shows credit transactions.
State the double entry principle?
state the principles of double entry
What is a double entry account?
Contra entry
Advantages of double-entry book-keeping system?
advantages of double-entry book-keeping system?
Who introduces double entry accounting?
Double Entry Accounting is introduced by Lucas Paciolli
What is double entry bookkeeping for a hospital?
Double entry is a transaction in which the payment is established in two accounts instead of 1 as to single entry.
When was Christie Malry's Own Double-Entry created?
Christie Malry's Own Double-Entry was created in 1973.
What machine inspired the double entry accounting method?
There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.
Which book of prime entry is part of the double entry system?
journal
How many pages does Christie Malry's Own Double-Entry have?
Christie Malry's Own Double-Entry has 193 pages.
Why double entry type impeller is a fully balanced impeller?
what is the entry implies that
What is purchases return and the double entry?
Purchase return - this is the outward return by the firm While double entry is when you have entered the transaction twice
