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)
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.