| Definition: | In double-entry accounting, every transaction has at least two balancing journal entries of debits and credits, where debits must always equal credits. Double-entry accounting keeps "the accounting equation" in effect and is the basis for all manual or automated accounting systems. Every transaction affects at least two accounts, since there has to be at least one debit and one credit for each transaction. Entries that are not made to a balance sheet account are made to an income or expense account.
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