Double-Entry System Double-entry system is based on a simple concept: each party in a business transaction will receive something and give something in return In bookkeeping terms, what is received is a debit and what is given is a credit. The T account is a representation of a sca| e or balance.” Scale or balance T account eft Side Right Side Receive Give Luca Pacioli DEBIT CREDIT Developer of Double-Entr Receive Give System DEBIT CREDIT c1-4C1 - 4 Double-Entry System “ Double-entry system is based on a simple concept: each party in a business transaction will receive something and give something in return. In bookkeeping terms, what is received is a debit and what is given is a credit. The T account is a representation of a scale or balance.” Luca Pacioli Developer of Double-Entry System Scale or Balance Receive DEBIT Give CREDIT T account Left Side Receive DEBIT Right Side Give CREDIT