2

Summary:

Double entry bookkeeping is based on the idea that each

transaction has an equal but opposite effect.
Every accounting event must be entered in ledger accounts
both as a debit and as an equal but opposite credit.
Double entry bookkeeping is the method used to transfer the
weekly/monthly totals from the books of prime entry into the
nominal ledger.
Every transaction is recorded twice so that every debit is
balanced by a credit. So, every transaction has two effects, the
dual effect.

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If you were to purchase a car for $1,000 cash for instance,
you would be affected in two ways.

Ledger accounts, with their debit and credit sides, are kept
in a way which allows the two-sided nature of every
transaction to be recorded. This is known as the 'double
entry' system of bookkeeping.
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4.2 The rules of double entry bookkeeping

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The basic rule, which must always be observed, is
that every financial transaction gives rise to two
accounting entries, one a debit and the other a
credit.

In terms of 'T' accounts: