a book-keeping system in which any commercial transaction is entered as a debit in one account and as a credit in another
Compare single entry
b.
(as modifier)
double-entry book-keeping
double entry in American English
a system of bookkeeping in which every transaction is entered as both a debit anda credit in conformity with the underlying accounting equation which states that assets equal liabilities plus net worth
Derived forms
double-entry (ˈdouˈble-entry)
adjective
double entry in Accounting
(dʌbəl ɛntri)
noun
(Accounting: Basic)
Double entry is a bookkeeping system in which all transactions are entered in two places, as adebit in one account and as a credit in another.
The required double entry is a debit to the long-term work in progress account to increase the value of theasset, and a credit to the profit and loss account.
The accounting books seem to have been kept by double entry, as all transactions were entered twice - to the credit of one account and to thedebit of another.
Double entry is a bookkeeping system in which all transactions are entered in two places, as adebit in one account and as a credit in another.