Accounting Dictionary - Accounting Terms & Definitions
A: Debit
Debit is a left side of the account in the Double entry accounting system.
Double entry accounting system means that each transaction is recorded by at least two entries in the accounting books, i.e. Debit and Credit. This is reflection of the Accounting Equation where assets are equal to the sum of liabilities and equity and each transaction has twofold impact on it, therefore at least two entries are made.
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