Category: Bookkeeping

In every transaction, debit and credit must always balance out to ensure the financial statements accurately reflect the company’s financial position. The accounting equation works on the double-entry bookkeeping principle, where every transaction affects at least two accounts in the books to maintain balance. This balance, where assets equal the sum of liabilities and equity,…

The expanded accounting equation is a form of the basic accounting equation that includes the distinct components of owner’s equity, such as dividends, shareholder capital, revenue, and expenses. The expanded equation is used to compare a company’s assets with greater granularity than provided by the basic equation. Current assets include cash and cash equivalents, accounts…

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Over 1.8 million professionals use CFI to learn accounting, financial analysis, modeling and more. Start with a free account to explore 20+ always-free courses and hundreds of finance templates and cheat sheets. On the next page we will present more examples of recording transactions using a comprehensive illustrative case. In the expense journal, we record…