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Explain the double entry accounting system

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In this financial event, determine the two topics of each event and then catergorize those two topics into one of the following: asset, liability, equity, revenue, or expense

Explain the double entry accounting system and why each journal entry includes at least one debit and one credit which both are equal

Example: Event (1)

Event (1) Investment of cash by stockholders cash is asset and stock is equity, Event (2) note issued in exchange for cash, Event (3) Purchase of office equipment for cash Event (4) Purchase of supplies on account, Event (5) Hiring of employees

I think I might understand this, but want to make sure. This is what is called a journal entry

Reference no: EM131772207

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