Debit

Debit,

Definition of Debit:

  1. A debit is an accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet. In fundamental accounting, debits are balanced by credits, which operate in the exact opposite direction.

  2. For instance, if a firm takes out a loan to purchase equipment, it would debit fixed assets and at the same time credit, a liabilities account, depending on the nature of the loan. The abbreviation for debit is sometimes "dr," which is short for "debtor.".

  3. In double-entry bookkeeping, entry on the left-hand side of an account record. It has the effect of decreasing a capital, liability, or revenue account, or of increasing an asset or expense account. See also credit.

  4. An entry recording an amount owed, listed on the left-hand side or column of an account.

  5. (of a bank or other financial organization) remove (an amount of money) from a customers account, typically as payment for services or goods.

Synonyms of Debit

Take away, Take from, Take off, Deduct, Debit, Abstract, Discount, Dock, Remove, Withdraw, Balance, Balance the books, Bereavement, Book, Budgeting, Capitalize, Carry, Carry over, Cast up accounts, Charge off, Close out, Close the books, Cost, Costing, Costing-out, Credit, Damage, Dead loss, Debiting, Deficit spending, Denial, Denudation, Deprivation, Despoilment, Destruction, Detriment, Disbursal, Disbursement, Dispossession, Divestment, Docket, Double entry, Enter, Entry, Expenditure, Expense, Forfeit, Forfeiture, Injury, Item, Journalize, Keep books, Log, Loser, Losing, Losing streak, Loss, Make an entry, Minute, Notation, Note, Payment, Perdition, Post, Post up, Privation, Robbery, Ruin, Sacrifice, Scheduling, Single entry, Spending, Spoliation, Strike a balance, Stripping, Taking away, Total loss, Bill, Account, Tally, Financial obligation, Outstanding payment, Amount due, Money owing

How to use Debit in a sentence?

  1. $10,000 was debited from their account.
  2. A debit is an accounting entry that creates a decrease in liabilities or an increase in assets.
  3. In double-entry bookkeeping, all debits must be offset with corresponding credits in their T-accounts.
  4. On a balance sheet, positive values for assets and expenses are debited, and negative balances are credited.
  5. I had to use my debit card when purchasing the item at the store because cash was not accepted there.
  6. A double-entry system of bookkeeping, where each debit has a corresponding credit entry.
  7. In order to increase the travel expense line item the company debit ed travel $50,000 which was used for a booth and supplies at a trade show.
  8. When I purchased something and charged it to my card, the charges showed up under the debit section in my bank statement.

Meaning of Debit & Debit Definition