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The essential point of the double-entry system of accounting is that every transaction: O increases...

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Accounting

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The essential point of the double-entry system of accounting is that every transaction: O increases one ledger account and decreases another. O is recorded in both the journal and the ledger. O affects accounts on both sides of the balance sheet. O affects two or more accounts and is recorded by an equal dollar amount of debits and credits. O affects one income statement account and one balance sheet account

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