Early generations of accountants desired a system for recording transactions that maintained the balance of the accounting equation and avoided [...]
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the use of negative numbers (which could lead to errors in recording).
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Open it Early generations of accountants desired a system for recording transactions that maintained the balance of the accounting equation and avoided the use of negative numbers (which could lead to errors in recording).
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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM tem that underlies most manual and electronic accounting systems uses debits and credits. Both a spreadsheet and a debit/credit system are based on the basic accounting equation:
Assets = Liabilities + Owners’ equity
<span>Early generations of accountants desired a system for recording transactions that maintained the balance of the accounting equation and avoided the use of negative numbers (which could lead to errors in recording). The system can be illustrated with T-accounts for every account involved in recording transactions. The T-account is so named for its shape:
T-Account Debit Credit
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