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Chapter 3
5.2 Debits and credits
Summary of steps to record a transaction
Identify theledger accounts that are
affected
Consider whether they are being
increased or decreased
Decide whether each account should
be debited or credited
Check that both debit entries and
credit entries have been made and that
they are both for the same amount
Note that there may be more than one debit/credit entry required to
record a transaction.
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