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The rules of debit and credit in accounting are based on the double-entry accounting system, which is used to ensure that all financial transactions are recorded accurately and completely. The rules are: Every transaction has two equal and opposite effects on the financial statements. Every debit entry must have a corresponding cred…

A journal in accounting is a record of financial transactions in the order in which they occurred. It is used to record debits and credits and is the first step in the process of creating financial statements. Journal entries are typically organized chronologically and may be used to track specific types of transactions, such as cas…