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LSDefine

Simple English definitions for legal terms

bookkeeping

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A quick definition of bookkeeping:

Bookkeeping is the process of keeping track of money coming in and going out of a business. It involves recording all the money that is spent and earned, and summarizing this information in a clear and organized way. There are two main methods of bookkeeping: double-entry bookkeeping, where every transaction involves both a debit and a credit entry, and single-entry bookkeeping, where each transaction is recorded in a single record.

A more thorough explanation:

Definition: Bookkeeping is the process of recording financial transactions and summarizing financial information, usually for a business. It is different from accounting, which involves analyzing and interpreting financial data.

Double-entry bookkeeping: This is a method of bookkeeping where every transaction recorded by a business involves one or more "debit" entries and one or more "credit" entries. The debit entries must equal the credit entries for each transaction recorded. For example, if a business buys inventory for $500, the bookkeeper would record a debit of $500 to the inventory account and a credit of $500 to the cash account.

Single-entry bookkeeping: This is a simpler method of bookkeeping where each transaction is recorded in a single record, such as a record of cash or credit accounts. For example, if a business receives $100 in cash sales, the bookkeeper would record a single entry of $100 in the cash account.

Bookkeeping is important for businesses to keep track of their financial transactions and to ensure that their financial statements are accurate. It helps businesses make informed decisions about their finances and can also be used for tax purposes.

booking contract | bookland

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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