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.
Category: Accounting & Auditing
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