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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.
May 22, 2024 · A debit is an accounting entry that results in either an increase in assets or a decrease in liabilities on a company’s balance sheet. In fundamental accounting, debits are balanced by credits,...
noun. 1. a. : a record of an indebtedness. specifically : an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account. b. : the sum of the items entered as debits. 2. : a charge against a bank deposit account. 3. : drawback, shortcoming. Synonyms
Definition: A debit is an accounting term for an entry made on the left side of an account. Many times debit is abbreviated as Dr.The double entry accounting system is based on the concept that total debits always equal total credits.
Jan 3, 2024 · Debit is the part of a financial transaction recorded on the left side column. This word is derived from the Latin, “debere,” which signifies “to owe,” therefore commonly abbreviated as “Dr” in financial transactions.
DEBIT meaning: 1. money taken out of a bank account, or a record of this 2. to take money out of a bank account as…. Learn more.
Debit definition: the recording or an entry of debt in an account.. See examples of DEBIT used in a sentence.
Definition of debit verb in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.
noun. /ˈdebɪt/ a written note in a bank account or other financial record of a sum of money owed or spent. on the debit side of an account. (figurative) On the debit side (= a negative result will be that) the new shopping centre will increase traffic problems. Topics Money c1. Take your English to the next level.
What Is the Difference Between a Debit and a Credit? Debits and credits are bookkeeping entries that balance each other out. In a double-entry accounting system, every transaction impacts at least two accounts. If you debit one account, you have to credit one (or more) other accounts in your chart of accounts.
