What is a debit or credit?

 

 

You may have heard of the term ‘double entry accounting.’ Each financial transaction has 2 sides, a debit and a credit. Each debit must have a corresponding credit in order to maintain a balance.  Traditionally debits are accounted for on the left and credits on the right

 

 

 

DEBIT (Dr)                                                            CREDIT (Cr)

Asset                                                                              Liability

Expense / Overhead                                                   Revenue / Income

Owner’s drawings                                                       Owner’s capital account

 

Galilea Rocha is a technical writer with a specialty in Part time management acccountant Leatherhead and Kingston, Part time bookkeeper Leatherhead and Kingston, part time financial controller Leatherhead and Kingston. Though she is passionate about learning about new things.

                                 

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