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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the relationship between the accounting equation and the double-entry system of recording journal entries?

To determine

Explain the relationship between the accounting equation and the double-entry system of recording journal entries.

Explanation

Accounting equation:

Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:

Assets = Liabilities + Owners’ equity

Double-entry accounting system:

Double-entry accounting system is used by companies to record journal entr

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