BOOKKEEPING

bookkeeping,n. The mechanical recording of debits and credits or the summarizing of

financial information, usu. about a business enterprise. Cf. ACCOUNTING.

double-entry bookkeeping.A method of bookkeeping in which 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. single-entry bookkeeping.A method of bookkeeping in which each transaction is recorded in

a single record, such as a record of cash or credit accounts.[Blacks Law 8th]