While it seems contradictory that assets and expenses can both have debit balances, the explanation is quite logical when one understands the basics of accounting. Modern-day accounting theory is ...

In double-entry bookkeeping, every time you spend or receive money, you have to record it twice. For example, if you spend $5,000 cash to buy more inventory, you'd record that $5,000 in both the Cash ...

Lucas Downey is the co-founder of MoneyFlows, and an Investopedia Academy instructor. Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician ...

Check your balance online, on the phone, through your bank's mobile app, at the ATM and with bank statements. A bank teller can provide account details in person. Regularly checking your balance helps ...

A debit card is a card connected to your checking account, using the funds you have to make purchases. A credit card is connected to a line of credit, carrying a balance each month based on the ...

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Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...