Chapter 3 The Double-Entry Accounting System

Chapter 3 The Double-Entry Accounting System
This chapter explains how to record transactions using double-entry accounting. Let’s get started.

LO 3-1: Record business events in T-accounts using debit/credit terminology.
Learning Objective 3-1: Record business events in T-accounts using debit/credit terminology.

Debit/Credit Terminology
In every transaction, the total dollar value of all debits equals the total dollar value of all credits. Assets = Claims Liabilities + Equity Debit Credit Debit Increase Decrease Part I An account form known as a T-account is a good starting point for learning double-entry recording procedures. A T-account looks like the letter T drawn on a piece of paper. The account title is written across the top of the horizontal bar of the T. Part II The left side of any account is the debit side. The right side of any account is the credit side. Debit means left and credit means right. That is all. Just as we have all agreed that a red light means stop and a green light means go, accountants have agreed to the use of these special terms to refer to different sides of an account. Part III Notice that a debit can represent an increase or a decrease. Likewise, a credit can represent an increase or a decrease. Part IV Debits increase asset accounts and decrease liability and stockholders’ equity accounts. Part V Credits increase liability and stockholders’ equity accounts and decrease asset accounts. Part VI In every transaction, just as assets must equal liabilities plus stockholders’ equity, the total dollar value of all debits must equal the total dollar value of all credits.

The Rules of Debits and Credits
Debits increase asset accounts; credits decrease asset accounts. Debits decrease liability and stockholders’ equity accounts; credits increase liability and stockholders’ equity accounts. The rules of debits and credits are: 1. Debits increase asset accounts; credits decrease asset accounts. 2. Debits decrease liability and stockholders’ equity accounts; credits increase liability and stockholders’ equity accounts.

Double-Entry Accounting
Let’s see how debits and credits work by looking at transactions for Collins Brokerage Services. Let’s see how debits and credits work by looking at transactions for Collins Brokerage Services.

Beginning Balances Collins Brokerage Services began the period with the following balances: $5,000 in cash, $4,000 in common stock, and $1,000 in retained earnings. Assets Cash = Liab. + Claims Equity Common Stk Retained Earnings Debit Credit Debit Bal. 5,000 4,000 Bal. 1,000 Bal. Part I Collins Brokerage Services began the period with the following balances: $5,000 in cash, $4,000 in common stock, and $1,000 in retained earnings. Part II Here are the account balances in the T-account model. Part III Here is the illustration of the impact on the financial statements. Assets = Liab. + Stockholders' Equity Cash Accts Rec. Salaries Payable Common Stock Retained Earnings 5,000 n/a 4,000 1,000

Event 1 On January 1, Year 2, Collins acquired $25,000 from the issue of common stock. This asset source transaction: (1) increases assets (Cash) and (2) increases stockholders’ equity (Common Stock). Assets Cash = Liab. + Claims Equity Common Stk Retained Earnings Debit Credit Debit + 25,000 Part I Event 1: On January 1, Year 2, Collins acquired $25,000 from the issue of common stock. Part II This transaction increases the Cash asset account and increases the Common Stock equity account. It is classified as an asset source transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. The system used is double-entry accounting. Where recording any transaction requires at least one debit and at least one credit. The total of the debit amounts must equal the total of the credit amounts. Assets = Liab. + Stockholders' Equity Cash Prepaid Rent Salaries Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow 25,000 n/a FA

Event 2 Collins purchased $850 of supplies on account.
This asset source transaction: (1) increases assets (Supplies) and (2) increases liabilities (Accounts Payable). Assets Supplies = Claims Liabilities Accounts Payable + Equity Debit Credit Debit +850 Assets = Liab. + Stockholders' Equity Cash Supplies Accounts Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a 850 Part I Event 2: Collins purchased $850 of supplies on account. Part II This transaction increases the Supplies asset account and increases the Accounts Payable liability account. It is classified as an asset source transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model.

Event 3 Collins collected $1,800 as an advance to provide future services over a one-year period starting March 1, Year 2. This asset source transaction: (1) increases assets (Cash) and (2) increases liabilities (Unearned Revenue). Assets Cash = Claims Liabilities Unearned Revenue + Equity Debit Credit Debit + 1,800 Part I Event 3: Collins collected $1,800 as an advance to provide future services over a one-year period starting March 1st, Year 2. Part II This transaction increases the Cash asset account and increases the Unearned Revenue liability account. It is classified as an asset source transaction. Part III Here is the effect of this transaction on the financial statements model. Part IV Here is the illustration of the impact on the T-accounts. The obligation to provide a service in the future is recognized as an unearned revenue. Assets = Liab. + Stockholders' Equity Cash Supplies Unearned Revenue Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow 1,800 n/a OA

Event 4 During Year 2, Collins provided $15,760 of services on account. This asset source transaction: (1) increases assets (Accounts Receivable) and (2) increases stockholders’ equity (Consulting Revenue). Assets Accounts Receivable = Claims Liabilities + Equity Consulting Revenue Debit Credit Debit + 15,760 +15,760 Part I Event 4: During Year 2, Collins provided $15,760 of services on account. Part II This transaction increases the Accounts Receivable asset account and increases equity by increasing the Consulting Revenue account. It is classified as an asset source transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Accounts Receivable Unearned Revenue Common Stock Consulting Revenue Revenue − Expenses Net Income Cash Flow n/a 15,760

Event 5 During Year 2, Collins paid $26,000 cash to purchase land.
This asset exchange transaction: (1) increases assets (Land) and (2) decreases assets (Cash). Assets Claims Cash + Land = Liabilities Equity Debit Credit Debit - 26,000 + 26,000 Part I Event 5: During Year 2, Collins paid $26,000 cash to purchase land. Part II This transaction increases the Land asset account and decreases the Cash asset account. It is classified as an asset exchange transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Land Unearned Revenue Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow (26,000) 26,000 n/a IA

Event 6 Paid $1,200 cash for a one-year insurance policy with coverage starting August 1, Year 2. This asset exchange transaction: (1) increases assets (Prepaid Insurance) and (2) decreases assets (Cash). Assets Claims Cash + Prepaid Insurance = Liabilities Equity Debit Credit Debit - 1,200 + 1,200 Part I Event 6: Paid $1,200 cash for a one-year insurance policy with coverage starting August 1st, Year 2. Part II This transaction increases the Prepaid Insurance asset account and decreases the Cash asset account. It is classified as an asset exchange transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Prepd. Insurance Unearned Revenue Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow (1,200) 1,200 n/a OA

Event 7 Collected $13,400 from accounts receivable.
This asset exchange transaction: (1) increases assets (Cash) and (2) decreases assets (Accounts Receivable). Assets Claims Cash + Accounts Receivable = Liabilities Equity Debit Credit Debit + 13,400 - 13,400 Part I Event 7: Collected $13,400 dollars from accounts receivable. Part II This transaction increases the Cash asset account and decreases the Accounts Receivable asset account. It is classified as an asset exchange transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Accounts Receivable Unearned Revenue Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow 13,400 (13,400) n/a OA

Event 8 Paid $9,500 for salaries expense.
This asset use transaction: (1) decreases assets (Cash) and (2) decreases stockholders’ equity (Salaries Expense). Assets Cash = Claims Liabilities Accounts Payable + Equity Salaries Expense Debit Credit Debit - 9,500 + 9,500 Part I Event 8: Paid $9,500 for salaries expense. Part II This transaction decreases the Cash asset account and decreases equity by increasing the Salaries Expense account. It is classified as an asset use transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Supplies Accounts Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow (9,500) n/a 9,500 OA

Event 9 Paid an $800 cash dividend.
This asset use transaction: (1) decreases assets (Cash) and (2) decreases stockholders’ equity (Dividends). Assets Cash = Claims Liabilities Accounts Payable + Equity Dividends Debit Credit Debit - 800 + 800 Part I Event 9: Paid an $800 cash dividend. Part II This transaction decreases the Cash asset account and decreases equity by increasing the Dividends account. It is classified as an asset use transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Supplies Accounts Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow (800) n/a FA

Event 10 Paid $850 to settle accounts payable.
This asset use transaction: (1) decreases assets (Cash) and (2) decreases liabilities (Accounts Payable). Assets Cash = Claims Liabilities Accounts Payable + Equity Dividends Debit Credit Debit 850 - 850 Assets = Liab. + Stockholders' Equity Cash Supplies Accounts Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow (850) n/a OA Part I Event 10: Paid $850 dollars to settle accounts payable. Part II This transaction decreases the Cash asset account and decreases the Accounts Payable liability account. It is classified as an asset use transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model.

Event 11 During Year 2, Collins recognized $1,900 of other operating expenses on account. This claims exchange transaction: (1) increases liabilities (Accounts Payable) and (2) decreases Equity (Advertising Expense). Assets Cash = Claims Liabilities Accounts Payable + Equity Advertising Expense Debit Credit Debit + 1,900 Part I Event 11: During Year 2, Collins recognized $1,900 of other operating expenses on account. Part II This transaction decreases the Accounts Payable liability account and decreases equity by increasing the Other Operating expense account. It is classified as a claims exchange transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Supplies Accounts Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a 1,900 (1,900)

Adjustment 1 As of December 31, Year 2, Collins had earned $1,500 of the $1,800 of the revenue it deferred in Event 3. This claims exchange transaction: (1) decreases liabilities (Unearned Revenue) and (2) increases equity (Consulting Revenue). Assets Cash = Claims Liabilities Unearned Revenue + Equity Consulting Revenue Debit Credit Debit − 1,500 + 1,500 Assets = Liab. + Stockholders' Equity Cash Supplies Unearned Revenue Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a (1,500) 1,500 Part I Adjustment 1: As of December 31, Year 2, Collins had earned $1,500 of the $1,800 of the revenue it deferred in Event 3. Part II This transaction decreases the Unearned Revenue liability account and increases the Consulting Revenue equity account. It is classified as a claims exchange transaction. Part III $1,500 of revenue is calculated by dividing the $1,800 payment by 12 months, and then multiplying by the 10 months that elapsed between March 1st, the date that the contract began, and December 31. Part IV Here is the illustration of the impact on the T-accounts. Part V Here is the effect of this transaction on the financial statements model.

Adjustment 2 As of December 31, Year 2, Collins had $800 of accrued salaries expenses that will be paid in Year 3. This claims exchange transaction: (1) increases liabilities (Salaries Payable) and (2) increases equity (Salaries Expense). Assets Cash = Claims Liabilities Salaries Payable + Equity Salaries Expense Debit Credit Debit + 800 Assets = Liab. + Stockholders' Equity Cash Supplies Salaries Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a 800 (800) Part I Adjustment 2: As of December 31, Year 2, Collins had $800 of accrued salaries expenses that will be paid in Year 3. Part II This transaction increases the Salaries Payable liability account and decreases equity by increasing the salaries expense account. It is classified as a claims exchange transaction. Part III Here is the illustration of the impact on the T-accounts. Part IV Here is the effect of this transaction on the financial statements model.

Adjustment 3 As of December 31, Year 2, Collins had used $500 of the $1,200 of insurance coverage that was prepaid in Event 6. This asset use transaction: (1) decreases assets (Prepaid Insurance) and (2) decreases equity (Insurance Expense). Assets Prepaid Insurance = Claims Liabilities Salaries Payable + Equity Insurance Expense Debit Credit Debit 500 + 500 Assets = Liab. + Stockholders' Equity Cash Prepaid Insurance Salaries Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a (500) 500 Part I Adjustment 3: As of December 31, Year 2, Collins had used $500 of the $1,200 of insurance coverage that was prepaid in Event 6. Part II This transaction decreases the Prepaid Insurance asset account and decreases equity by increasing the Insurance Expense account. It is classified as an asset use transaction. Part III The $500 of expense is calculated by dividing the $1,200 payment by 12 months, and multiplying by the 5 months that elapsed between August 1st, the date of the payment, and December 31st. Part IV Here is the illustration of the impact on the T-accounts. Part V Here is the effect of this transaction on the financial statements model.

Adjustment 4 As of December 31, Year 2, a physical count of supplies on hand revealed that $125 of unused supplies were available for future use. This asset use transaction: (1) decreases assets (Supplies) and (2) decreases equity (Supplies Expense). Beg. Bal. + Purch. = Asset Avail. – End. Bal. = Asset Used = 850 – 125 = 725 Assets Supplies = Claims Liabilities Salaries Payable + Equity Supplies Expense Debit Credit Debit 725 + 725 Part I Adjustment 4: As of December 31, Year 2, a physical count of supplies on hand revealed that $125 of unused supplies on hand were available for future use. Part II This transaction decreases the Supplies asset account and decreases equity by increasing the Supplies Expense account. It is classified as an asset use transaction. Part III To determine the amount of expense recognized for the supplies used, add together the beginning balance in the supplies account, in this case 0, to the $850 of supplies purchases made during the year. Then subtract the ending balance of $125 to get $725. Part IV Here is the illustration of the impact on the T-accounts. Part V Here is the effect of this transaction on the financial statements model. Assets = Liab. + Stockholders' Equity Cash Supplies Salaries Payable Common Stock Retained Earnings Revenue − Expenses Net Income Cash Flow n/a (725) 725

Exhibit 3.1 Panel A: Overview of Debit/Credit Relationships
Account Debits Credits Assets Increase Decrease Liabilities Stockholders’ Equity Common Stock Retained Earnings Revenue Expenses Dividends Panel A of Exhibit 3.1 summarizes the rules for debits and credits. You may want to take a few minutes and review this fundamental information.

Exhibit 3.1 Panel B: Overview of Debit/Credit Relationships
Assets Liabilities + Shareholders’ Equity: Debit Credit = - Specific Equity Accounts Common Stock Retained Earnings Dividends Revenues Expenses Panel B illustrates these rules in T-account form. You may want to take a few minutes and review this fundamental information.

LO 3-2: Record transactions using the general journal format.
Learning Objective 3-2: Record transactions using the general journal format.

The General Journal Accountants initially record data from source documents into journals, which can be special or general journals. Providing services for $1,000 cash on August 1 would be recorded in general journal format as follows: Date Account Title Debit Credit Aug. 1 Cash 1,000 Service Revenue Part I Accountants initially record data from source documents into journals. Examples of source documents include invoices, time cards, check stubs, and deposit tickets. Transactions are recorded in journals before they are entered into the ledger accounts. Journals are therefore called books of original entry. Part II A company may use a general journal as well as several special journals. Special journals are used to record specific types of recurring transactions. For example, a company may use a special journal to record cash receipts, another to record cash payments, a third to record purchases on account, and yet another to record sales on account. Transactions that do not fit in a special journal are recorded in the general journal. For simplicity, this text uses only a general journal format. Part III Here is an example of an entry in the general journal, for providing services for $1,000 cash on August 1 would be recorded in general journal format. There are columns for the date, account titles, debit amount, and credit amount. Notice that the debit accounts are always written first followed by the credit accounts. The credit account titles are indented slightly.

General Journal Entries
Event No. Account Title Debit Credit 1 Cash 25,000 Common Stock 2 Supplies 850 Accounts Payable 3 1,800 Unearned Service Revenue 4 Accounts Receivable 15,760 Service Revenue 5 Land 26,000 6 Prepaid Insurance 1,200 7 13,400 8 Salaries Expense 9,500 9 Dividends 800 10 11 Other Operating Expenses 1,900 Adj. 1 1,500 Adj. 2 Salaries Payable Adj. 3 Insurance Expense 500 Adj. 4 Supplies Expense 725 Here is a summary of the general journal entries for Collins’ Year 2 transactions. After the transactions have been recorded in a journal, the dollar amounts of the debits and credits are transferred to the ledger accounts. The process of transferring information from journals to ledgers is called posting. The collection of all the accounts used by a particular business is called the general ledger. Take a few minutes and review this information and be sure you are comfortable with it before proceeding.

Exhibit 3.3: General Ledger
Assets = Liabilities + Shareholders’ Equity Cash Accounts Payable Common Stock Service Revenue Debit Credit Bal. 5,000 26,000 [5] [10] 850 850 [2] 4,000 Bal. 15,760 [4] [1] 25,000 1,200 [6] 1,900 [11] 25,000 [1] 1,500 [Adj. 1] [3] 1,800 9,500 [8] 1,900 Bal. 29,000 Bal. 17,260 Bal. [7] 13,400 800 [9] Salaries Payable Retained Earnings Salaries Expense 850 [10] 800 [Adj. 2] 1,000 Bal. [8] 9,500 Bal. 6,850 Unearned Service Rev. Dividends [Adj. 2] 800 Accounts Receivable [Adj. 1] 1,500 1,800 [3] [9] 800 Bal 10,300 [4] 15,760 13,400 [7] 300 Bal. Other Oper. Expenses Bal. 2,360 [11] 1,900 Prepaid Insurance Insurance Expense [4] 1,200 500 [Adj.3] [Adj. 3] 500 Bal. 700 Supplies Expense Supplies [Adj. 4] 725 [2] 850 725 [Adj. 4] Bal. 125 Land (5) 26,000 Here is a summary of the ledger accounts after recording the transactions for Collins.

LO 3-3: Prepare a trial balance and explain how it is used to prepare financial statements.
Learning Objective 3-3: Prepare a trial balance and explain how it is used to prepare financial statements

Exhibit 3.4: Adjusted Trial Balance
COLLINS BROKERAGE SERVICES INC. Adjusted Trial Balance December 31, Year 2 Account Title Debit Credit Cash $ ,850 Accounts Receivable 2,360 Prepaid Insurance 700 Supplies 125 Land 26,000 Accounts Payable $1,900 Salaries Payable 800 Unearned Service Revenue 300 Common Stock 29,000 Retained Earnings 1,000 Dividends 800 Service revenue 17,260 Salaries expense 10,300 Insurance expense 500 Supplies expense 725 Other operating expense 1,900 Totals $ ,260 To test whether debits equal credits in the general ledger, accountants regularly prepare an internal accounting schedule known as a trial balance. A trial balance lists every ledger account and its balance. Debit balances are listed in one column and credit balances are listed in an adjacent column. The columns are totaled and the totals are compared. Shown here is the trial balance of Collins Brokerage Services after all adjusting entries have been made.

Exhibit 3.5: Income Statement
COLLINS BROKERAGE SERVICES, INC. Income Statement For the Year Ended December 31, Year 2 Revenue $ ,260 Expenses: Salaries expense (10,000) Other operating expenses (1,900) Insurance Expense (500) Supplies Expense (725) Total Expenses (13,425) Net Income $ ,835 Supplemented with details from the Cash and Common Stock ledger accounts, the adjusted trial balance provides the information to prepare the financial statements for Collins Brokerage Services. Shown here is the income statement for Year 2.

Exhibit 3.6: Statement of Changes in Stockholders’ Equity
COLLINS BROKERAGE SERVICES, INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Beginning Common Stock $ ,000 Plus: Common Stock Issued 25,000 Ending Common Stock $ ,000 Beginning Retained Earnings $ ,000 Plus: Net Income 3,835 Less: Dividends (800) Ending Retained Earnings 4,035 Total Stockholders' Equity $ ,035 Here is the statement of changes in stockholders’ equity.

Exhibit 3.7: Balance Sheet
COLLINS BROKERAGE SERVICES INC. Balance Sheet As of December 31, Year 2 Assets Cash $ ,850 Accounts Payable 2,360 Prepaid Insurance 700 Supplies 125 Land 26,000 Total Assets $ ,035 Liabilities $1,900 Salaries Payable 800 Unearned Service Revenue 300 Total Liabilities $ 3,000 Stockholders' Equity Common Stock $ ,000 Retained Earnings 4,035 Total Stockholders' Equity 33,035 Total Liabilities and Stockholders' Equity Here is the balance sheet.

Exhibit 3.8: Statement of Cash Flows
COLLINS BROKERAGE SERVICES INC. Statement of Cash Flows For the Year Ended December 31, Year 2 Cash Flows from Operating Activities Cash Receipts from Customers $ ,200 * Cash Payments for Salaries Expense (9,500) Cash Payments for Insurance Expense (1,200) Cash Payments for Supplies (850) Net Cash Flow from Operating Activities $ ,650 Cash Flows for Investing Activities Cash Payments to Purchase Land (26,000) Cash Flows from Financing Activities Cash Receipts from Issue of Common Stock 25,000 Cash Payments for Dividends (800) Net Cash Flow from Financing Activities 24,200 Net Increase in Cash 1,850 Plus Beginning Cash Balance 5,000 Ending Cash Balance $ ,850 * $13,400 accounts receivable collections + $1,800 unearned service revenue collection Finally, here is the statement of cash flows.

LO 3-4: Prepare closing entries in general journal format.
Learning Objective 3-4: Prepare closing entries in general journal format.

Exhibit 3.9: Closing Entries
Date Account Title Debit Credit 31 Service Revenue 17,260 Retained Earnings 10,300 Salaries Expense 1,900 Other Operating Expenses 500 Insurance Expense 725 Supplies Expense 800 Dividends Closing entries are made after all financial statements are prepared. Here are the closing entries for Collins Brokerage Services. These entries move all the Year 2 data from the Revenue, Expense, and Dividend accounts into the Retained Earnings account.

Single Compound Entry Date Account Title Debit Credit Dec. 31
Account Title Debit Credit Dec. 31 Service Revenue 17,260 Salary Expense 10,300 Other Operating Expenses 1,900 Insurance Expense 500 Supplies Expense 725 Dividends 800 Retained Earnings 3,035 Closing entries can be recorded more efficiently than in Exhibit 3.9. For example, all revenue, expense, and dividend accounts can be closed to the retained earnings account in a single compound journal entry.

Exhibit 3.11: Post-Closing Trial Balance
COLLINS BROKERAGE SERVICES INC. Post-Closing Trial Balance December 31, 2016 Account Title Debit Credit Cash $ ,850 Accounts Receivable 2,360 Prepaid Insurance 700 Supplies 125 Land 26,000 Accounts Payable $1,900 Salaries Payable 800 Unearned Service Revenue 300 Common Stock 29,000 Retained Earnings 4,035 Totals $ ,035 Some companies prepare a trial balance daily; others may prepare one monthly, quarterly, or annually, depending on the needs of management. The heading of a trial balance describes the status of the account balances in it. For example, the trial balance in Exhibit 3.11 is described as a Post-Closing Trial Balance because it reflects the account balances immediately after the closing entries were posted.

End of Chapter 3 End of Chapter 3. This chapter explained how to record transactions using double-entry accounting.

Chapter 3 The Double-Entry Accounting System

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Chapter 3 The Double-Entry Accounting System

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