Double-entry accounting is a system that recognizes the different sides of business transactions as debits and credits:

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• 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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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 16, 2022 02:21 AM

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Double-entry accounting is a system that recognizes the different sides of business transactions as debits and credits:

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