Do you know what is double-entry accounting? Explain with an example?
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Answer Posted / Kaushambi Singh
Double-entry accounting is a method of bookkeeping which records every financial transaction twice, ensuring that each debit has a corresponding credit, thereby keeping the accounts in balance. An example would be: If a company sells goods worth $100 on credit to a customer, the account entries would be: Debit Account Receivable (asset) for $100 and Credit Sales (income) for $100.
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