Double-entry accounting is a robust method of recording financial transactions in accounting journals. According to this system, each transaction has two sides (debit and credit) which balance out.
This process ensures that the accounting equation (Assets = Liabilities + Equity) always holds true. But determining which accounts to debit and credit is initially a challenge. And that’s where the double-entry bookkeeping cheat sheet comes in handy.
The open-access resource is invaluable to understanding the basics of double-entry bookkeeping. It illustrates how to record financial transactions in T-accounts and whether debit and credit entries result in an increase or decrease in assets, liabilities, equity, revenue, or expenses.
Download the double-entry bookkeeping cheat sheet and refer to it whenever you need to record financial transactions.
Learn more about double-entry bookkeeping and deepen your accounting knowledge with our Accounting and Financial Statement Analysis course.
Supplement your learning with our free Accounting and Financial Statement Analysis course notes.