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Last Updated (Thursday, 30 October 2014 13:31)

 

Understanding debits and credits

When a double-entry system is in use, every business transaction that takes place is recorded in at least two accounts – on the debit or left side of one account, and the credit or right side of another account. It is never correct to record the two or more entries on the same sides (debit or credit) of two or more accounts.

Last Updated (Saturday, 25 September 2010 17:58)

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Double entry system

In the double entry system of bookkeeping, two entries are made to two different accounts whenever a transaction takes place. Each of the two entries is made to show an increase or decrease in the balance of the affected accounts.

Accountant

Last Updated (Saturday, 25 September 2010 19:09)

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What is bookkeeping / accounting?

Bookkeeping is the early stage of accounting of which it forms the part that deals with daily recording of financial data of a business. It involves recording transactions which includes making entries in a journal or ledger showing date, account name and amount; and making entries on the debit or credit side of accounts and the maintenance of accounts such as Cash account, Sales account, Accounts Receivable account, and expense and payable accounts. The bookkeeper must know how to record the data, and understands what he or she does.

Last Updated (Saturday, 25 September 2010 18:24)

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Exceptions to double entries

In the normal day-to-day bookkeeping, most of the entries made are simply paying cash for expenses. The entries involve debiting (increasing) the expense accounts and crediting (decreasing) the cash account. Sometimes, two or more entries are required to be made to the debit or credit sides of the affected accounts. This happens when there are bills that contain other charges which are not categorized as expenses. The following show the debit and credit entries that have to be made.

Last Updated (Saturday, 25 September 2010 18:04)

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