Discussion Forum

Discussion Forum

Discussion Forum

by Abidur Rahman khan 193-15-13374 -
Number of replies: 0

Double entry refers to an accounting concept whereby assets = liabilities + owner's equity. there will be some account types like asset, liability, income, expanse. An example might be the purchase of a new computer for $1,000. In this example, you would need to enter a $1,000 debit to increase your income statement "Technology" expense account and a $1,000 credit to decrease your balance sheet "Cash" account.