Tags Business Accounting and Bookkeeping

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Business>Accounting

Example of double entry of accounting?

Anonymous

∙ 13y ago

Updated: 9/17/2023

Bought Machinery for 2000 euros by cheque.

Wiki User

∙ 13y ago

Still curious? Ask our experts.

Chat with our AI personalities

Taiga

Every great hero faces trials, and you—yes, YOU—are no exception!

Chat with Taiga

Coach

Success isn't just about winning—it's about vision, patience, and playing the long game.

Chat with Coach

Ezra

Faith is not about having all the answers, but learning to ask the right questions.

Chat with Ezra

Add your answer:

Earn +20 pts

Q: Example of double entry of accounting?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Accounting

What machine inspired the double entry accounting method?

There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.

Should Double-entry accounting transactions be equal or unequal?

In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.

What do debits and credits look like at the end of a period in double-entry accounting?

At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.

The recording of debit and credit parts of a transaction is?

double-entry accounting

What are the steps to convert single entry to double entry system in accountancy?

Single entry accounting can only be used for extremely simple businesses, like a lemonade stand in your front yard. Double entry accounting debits an account and credits a different account everytime there is a transaction.

Trending Questions

How can you Find out about amended return refund? What is relevant property? Function of staffing? What is the National Clearing Code for Bank of America? What is the result if the amount of net income of the year is less than the amount of dividends? What does a debit card do? At what income do you stop paying FICA in 2009? Does interest receivable have credit or debit balance? What does creditors have better memories than debtors? What is receipt uses? Last InFirst Out (LIFO)? How much money will you receive on your refund if you only made 1000 dollars? What situation brings about an inventory reduction? What does a balance sheet contain? What taxes are taken out for a 17 year old earning minimum wage? How long does it take for a state refund check to come back in PA? Syllabus for FYJC IT? Is notes payable a part of non interest bearing current liabilities? What is the sol for Ohio sales tax? How did Bill Gates get his nickname tre?

Related Questions

Who introduces double entry accounting?

Double Entry Accounting is introduced by Lucas Paciolli

What machine inspired the double entry accounting method?

There is no record of a machine that inspired the double-entry accounting method. Records show that double-entry accounting was inspired by existing accounting practices at the time.

Should double entry accounting entries be equal?

In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.

Should Double-entry accounting transactions be equal or unequal?

In Double entry accounting system both the debit part as well as credit part of transaction should be equal otherwise accounting transaction is not complete properly.

What do debits and credits look like at the end of a period in double-entry accounting?

At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.

The recording of debit and credit parts of a transaction is?

double-entry accounting

In double-entry accounting, where should you record money that is leaving your company to pay bills?

In double-entry accounting, money leaving your company to pay bills should be recorded in the accounts payable account.

What are the steps to convert single entry to double entry system in accountancy?

Single entry accounting can only be used for extremely simple businesses, like a lemonade stand in your front yard. Double entry accounting debits an account and credits a different account everytime there is a transaction.

What is the accounting practicing of recording every transactions in two places?

Double entry

Why was the double entry accounting method created?

Double-entry accounting is a standard accounting method that involves each transaction being recorded in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts. Double entry accounting provides a method for quickly checking accuracy because the sum of all accounts with debit balances should equal the sum of all credit balance accounts. The best accounting software for business uses double entry accounting; without that feature an accountant will have difficulty preparing year end and tax records. Personal finance software does ot necessarily require double entry accounting, although some personal finance titles provide this feature but hide it from the user to prevent confusion

What you mean by account?

Account means a single entry in double entry system such as i purchase some thing for business i recorded for example Land debit and money credit these debit and credit are called accounts in accounting

Rules of double-entry accounting?

The rules of the double entry state that " For every dr there must be a corresponding cr and for every cr there must be a corresponding dr "

Still have questions?

imp

Resources

Top Categories

Product

Company

Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.