define debit and credit?

Answer 1

These are accounting terms.

Credit - Entry on the right side of a double-entry bookkeeping system that represents the REDUCTION of an asset or expense or the ADDITION to a liability or revenue.

Debit - Entry on the left side of a double-entry bookkeeping system that represents the ADDITION of an asset or expense or the REDUCTION to a liability or revenue.

Answer 2

It depends on the context of the words debit or credit. If you are talking about bank cards or in accounting.

In regards to cards, a debit card automatically takes money out of an account as the transaction is placed. Whereas a credit takes a couple of days to post. Credit cards are accounts but they are based on borrowed money. Debit cards are based on checking accounts and offer the convenience of a credit card without borrowing money.

In accounting a debit is a deduction from one account. Whereas a credit is money added to that account.

I hope this helps~

Answer 3

Ghengis67 gave you a good answer. Maybe I can add just a little...

Assets and Expenses normally carry a debit balance. A debit entry increases the balance in these accounts and a credit entry decreases the balance. Liabilities, Revenues, and Owner's Equity normally carry a credit balance. A debit entry decreases the balance in these accounts and a credit entry increases the balance.

Cash is an asset and normally carries a debit balance. (If you have a credit balance in cash, your checking account is overdrawn!) Therefore, if you want to record the receipt of cash you debit the cash account. If you want to record the payment of cash, you credit the cash account.

Accounts Payable represents money you owe to vendors for purchases made on credit, and it carries a credit balance. If you want to record the purchase of material on credit, you debit your asset account (such as inventory) to show an increse in your asset, and you credit Accounts Payable which shows the increase in the amount you owe. If you want to record payment on your account, you debit Accounts Payable (which reduces the amount you owe) and credit cash.

Answer 4

To you, a debit is a transaction that takes away some of your money, a credit gives you some. To a bank, it would be just the opposite.

Answer 5

Debit is where an item is paid for with the funds in your account, credit is where you are paying with borrowed money and will need to pay it back usually with interest.

Answer 6

As in cards? basically debit charges your account. credit cards are borrowed money which you have to pay back after a certain time, like a month - then they start charging interest, then interest on the interest, then interest on then interest..

Answer 7

A debit is something or an amount you owe. A credit is something or an amount that is owed to you.

Answer 8

debit=withdrawal from an account with a balance in it.
Credit= borrowing money.

Answer 9

Account

Answer 10

Debit is when the money is already there.
Credit is when the money is not there but they fronting you the money . I think