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- Dictionarycredit/ˈkrɛdɪt/
noun
- 1. the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future: "I've got unlimited credit" Similar
- 2. an entry recording a sum received, listed on the right-hand side or column of an account: "the columns should be added across and down and the total debits should equal the total credits"
verb
- 1. publicly acknowledge a contributor's role in the production of (something published or broadcast): "the screenplay is credited to one American and two Japanese writers" Similar
- 2. add (an amount of money) to an account: "this deferred tax can be credited to the profit and loss account"
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Feb 16, 2016 · I'm not sure if this is your point of confusion, but when an account is said to be debited (or credited), the words "debited" or "credited" are not referring to a type of account (such as "checking"). They are referring to an operation that is performed on an account. The same account can be credited at one time and debited at another time.
Oct 17, 2011 · As an Example: for $500 that the bank credited to your checking account, you would post a debit to Cash and a Credit to Income Earned. The accounting equation is: Assets = Liabilities + Owner's Equity $500 = $500 Cash is the "Asset" side of the equation, Income is part of Owner's Equity, and so is the Credit side... to make the equation balanced.
2. Waddler said it right, it depends on whether or not it is going against asset or liability. Your salary is said to be credited in bank's term, whereby the bank experiences a increase in its liability (your bank deposits) and hence its a credit for them. We usually understand that its a credit for us, however not. This is what I understand.
From your question, I believe that you are looking for what these mean in accounting terms and not the difference between a debit and a credit card.
Dec 9, 2023 · I had a FD in an Indian Bank. I told the bank to close my FD. While previously, whenever I closed my FD, my bank statement showed the transaction remark as Closure Proceeds but on this transaction,...
Sep 16, 2015 · However, looking at the section about entering your own meter reading in, it is clear that this is indeed a "credit", meaning "they owe you money". Notice how the costs break down. They estimated an energy usage (cost equivalent) of £104.09, which resulted in a "bill" of £29.77 (credit).
Sep 23, 2023 · Your conclusion is correct. A refund is when you actually give the money back to the customer, whether in cash, by a credit on their payment card, by bank transfer, by check…
Nov 25, 2019 · At the point when a record is credited with a mess of cash originating from an obscure source. Presently it doesn't really make a difference that the sum has originated from any specialized glitch, wrong exchange or unjustifiable methods. It doesn't have a place with you, Even in the event that you move it to another record you will be at risk ...
Aug 10, 2014 · I have a CIBC premium growth account that offers a "0.20% interest rate on every dollar you save calculated daily and paid monthly".
Aug 31, 2019 · Stack Exchange Network. Stack Exchange network consists of 183 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.
