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The double - entry system is the foundation of accounting, where every transaction affects at least two accounts. Explain this concept in detail with an

The double-entry system is the foundation of accounting, where every transaction affects at least two accounts. Explain this concept in detail with an example: A business purchases office supplies worth $1,000 on credit. Show how this transaction is recorded in the journal, indicating the accounts debited and credited. Discuss the rationale behind the entries and how they maintain the accounting equation (Assets = Liabilities + Equity).

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