Accounting and consolidating entry
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A journal entry is called "balanced" when the sum of debit side amounts equals to the sum of credit side amounts.
A guide to accounting for users who are interested in understanding accounting reports.
This section explains what users need to know to understand and analyze accounting information provided in the financial statements.
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To record transactions, accounting system uses double-entry accounting.
Double-entry implies that transactions are always recorded using two sides, debit and credit.
Debit refers to the left-hand side and credit refers to the right-hand side of the journal entry or account.
The sum of debit side amounts should equal to the sum of credit side amounts.