Double-entry accounting is a system that recognizes the different sides of business transactions as debits and credits:
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Double-entry accounting is a system that recognizes the different sides of business transactions as debits and credits:
• Debit: an entry on the left side of an account
• Credit: an entry on the right side of an account
This system is more efficient than updating the accounting equation after each transaction, as we did in Chapter 3.
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