As the name itself implies, double entry accounting is an accounting method where every financial transaction has equal and opposite effects in at least two different accounts. More simply: it’s a way of tracking inflows and outflows of money. This is where debits and credits come in.
Transactions are recorded in terms of debits and credits. A debit in one account offsets a credit in another, so the sum of all debits must equal the sum of all credits.
You deal with debits and credits in both the journal and general ledger:
Whether in a journal entry or a T-account in the ledger, debits go on the left and credits go on the right:
Want to know how debits and credits affect each kind of account?
Check out this very detailed list of account types:https://www.principlesofaccounting.com/account-types/. It gives you the names of each account, states what it's classified as (asset, liability, equity, expense, gain, etc), and whether it is increased or decreased by debits and credits.
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