Difference between revisions of "Debit"
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==Definitions== | ==Definitions== | ||
According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| − | :[[Debit]]. | + | :[[Debit]]. The left-hand side of any [[financial account|account]]. A number entered on the left side of any [[financial account|account]] is said to be debited to an [[financial account|account]]. |
==Related concepts== | ==Related concepts== | ||
Revision as of 14:08, 15 December 2018
Debit (alternatively known as debit entry and commonly abbreviated Dr because of Latin debere) is any entry into financial books that either increases asset-origin accounts or decreases equity-origin accounts. Any journal entry contains at least one debit entry.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Debit. The left-hand side of any account. A number entered on the left side of any account is said to be debited to an account.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
