Definition

Debit

Debit is an entry that records an increase in assets, a decrease in liabilities, or a decrease in owner’s equity, recorded on the left side of a journal or ledger entity.

Webster Dictionary Meaning

1. Debit
- A debt; an entry on the debtor (Dr.) side of an account; -- mostly used adjectively; as, the debit side of an account.
2. Debit
- To charge with debt; -- the opposite of, and correlative to, credit; as, to debit a purchaser for the goods sold.
- To enter on the debtor (Dr.) side of an account; as, to debit the amount of goods sold.
Share it:  Cite

More from this Section

  • Investing activities
    Investing activities refer to cash flows activities that include (a) purchasing and disposing ...
  • Special journal
    Special journal refers to a journal that records similar types of transactions, such as ...
  • Accountant
    Accountant is a person who has the education and experience to evaluate the significance ...
  • Record date
    At the record date, the company determines ownership of the outstanding shares for dividend ...
  • Auditing
    Auditing is the examination of financial statements by a certified public accountant in ...