While it seems contradictory that assets and expenses can both have debit balances, the explanation is quite logical when one understands the basics of accounting. Modern-day accounting theory is ...

In double-entry bookkeeping, every time you spend or receive money, you have to record it twice. For example, if you spend $5,000 cash to buy more inventory, you'd record that $5,000 in both the Cash ...

Curious how much money Americans keep in their checking and savings accounts? This data shows where you fall by age, ...

Check your balance online, on the phone, through your bank's mobile app, at the ATM and with bank statements. A bank teller can provide account details in person. Regularly checking your balance helps ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. If you want to set aside your savings but are worried you ...