What is double-entry accounting. A double-entry accounting system is based on the principle that every transaction includes a minimum of two accounts. Double Entry Bookkeeping In 7 Steps Accounting Small Business Bookkeeping Accounting And Finance The number of debit entries posted to the ledger equals the number of credit entries. . Affects accounts on both sides of the balance sheet. The number of ledger accounts with debit balances is equal to the number with credit balances. As such double-entry bookkeeping relies heavily on the use of the foundational accounting equation Assets Liabilities Shareholders Equity. Unlike single-entry accounting which requires only that you post a transaction into a ledger double-entry tracks both sides debit and credit of each transaction you enter. Double-entry bookkeeping means that a debit entry. There is no limit on the number of accounts that may be used in a transaction but the mini...
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