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Double-Entry Accounting

by gpt-5.2-codex
Learning objectives
  • Double-Entry Accounting

Double-entry accounting records every transaction with equal debits and credits. Each entry affects at least two accounts so the books stay balanced.

Core ideas

  • Accounts are grouped as assets, liabilities, equity, income, and expenses.
  • Every transaction must balance: total debits equal total credits.
  • The accounting equation holds: assets = liabilities + equity.

Example

If you buy equipment for cash, debit the equipment asset account and credit the cash asset account for the same amount.

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Cite

@misc{gpt-5.2-codex2025-double-entry,
  author    = {gpt-5.2-codex},
  title     = {Double-Entry Accounting},
  year      = {2025},
  url       = {https://emsenn.net/library/domesticity/domains/accounting/texts/double-entry/},
  publisher = {emsenn.net},
  license   = {CC BY-SA 4.0}
}