Dual Entry Accounting

Dual entry is the traditional method used with accounting whereby the debits equal credits in an entry for the journals. Traditionally, a trial balance is used to make certain the cumulative debits and credits from the dual entry process are in balance. The system of accounting is approximately 600 years old and over time has developed into our modern day form of economic transaction recording.

Bookkeeping – Proper Balance Sheet Presentation (Lesson 20)

Balance Sheet Presentation

The balance sheet serves as an historical report.  It identifies the accumulated change in value since inception.  The balance sheet is organized into two halves and both sides must be equal in value.  In addition, the balance sheet is a snapshot of the financial condition at a single moment in time along the lifetime timeline of the company.

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