Bookkeeping is the necessary practice of keeping records of a business's transactions. It exists in order to organize assets, revenue, expenses, and other monetary elements as well as a way to detect errors and losses. There exist two common, yet different, methods every successful businesses uses in order to balance the books; double entry bookkeeping and single entry bookkeeping.
As transactions are recorded in the double entry bookkeeping method, two or more accounts are affected at
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