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Double-Entry Accounting
A system of accounting that records each business transaction twice (once as a debit and once as a credit). For example, if you pay your monthly rent of $1,000, you you make a debit of $1,000 to the rent expense account and a credit of $1,000 to cash. Used for tracking inventory, loans, assets, and liabilities. Compare: single-entry accounting
LA-NOLO1:DRU.1.6.2.20140813.27175