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Dive into the world of debit and credit in banking and accounting. Learn what these terms mean, how they affect transactions, and their historical significance.... Debit and Credit Entries In Accounting What is a Debit ? Debits go on the left, and they either increase or decrease accounts depending on the type of account. For example assets are on the left side of the accounting equation so a debit will increase an asset account. In contrast liabilities are on the right side of the equation so a debit will decrease a liability account. For easy reference the chart below shows the effect of debits and credits on particular types of account. For every ... What is Debit ? Debit is a concept in accounting that represents an aspect (side) of a transaction, and it is always equal to credit as both are based on the accounting equation ( debit = credit / asset = capital + liability). The word Dr. is also used to represent debit , and it is the short form of debit . While recording the transactions in the books the account which is debited is recorded on the left-hand side. Which side of the transaction will be debited is determined by accounting rules ... DEBIT definition: 1. (a record of) money taken out of a bank account: 2. to take money out of an account or keep a…. Learn more.
