Question

What means debit? and credit?

Answer 1

A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account

Answer 2

debit-an entry recording a sum owed, listed on the left-hand side or column of an account.

credit-the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

Explanation: