Using the double entry system together with the accounting equation, determine what is debits and credits apply the following scenario. The business pays off a loan it took out EFT from its bank account   A Credit assets, debit liabilities B Debit assets, Credit liabilities C Debit assets, Credit owner s equity D Credit assets, Debit owner s equity

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.