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21 July, 13:35

In double-entry accounting, what is the difference between debits and credits

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  1. 21 July, 14:05
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    Debits and credits occur simultaneously in every financial transaction in double-entry bookkeeping. In the accounting equation-Assets = Liabilities + Equity-if an asset account increases (a debit), then either another asset account must decrease (a credit), or a liability or equity account must increase (a credit).
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