The double-entry system of debits and credits means that:
A) Two pieces of information must be recorded for each transaction--the date and the dollar amount.
B) Debits will be recorded twice as often as credits.
C) At least two entries, a debit and a credit, must be made for each transaction.
D) Each debit and credit will be recorded two times, once in the general ledger and once in the trial balance.
E) None of the above

Question

Quizplus · Accepted Answer

The double-entry system of accounting requires that for every financial transaction, there must be an equal and opposite entry in two different accounts. This means that if one account is debited, another account must be credited by the same amount, ensuring the accounting equation remains balanced. This system helps in detecting errors and ensuring the integrity of financial records.

The Double-Entry System of Debits and Credits Means That