debit (redirected from Debits and credits)

A sum charged as due or owing. An entry made on the asset side of a ledger or account. The term is used in bookkeeping to denote the left side of the ledger, or the charging of a person or an account with all that is supplied to or paid out for that person or for the subject of the account. Also, the balance of an account where it is shown that something remains due to the party keeping the account.

As a noun, an entry on the left-hand side of an account. As a verb, to make an entry on the left-hand side of an account. A term used in accounting or bookkeeping that results in an increase to an asset and an expense account and a decrease to a liability, revenue, or owner's Equity account.

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debit noun amount due, amount payable, arrears, bills, commitment, debt, deferred payment, expensum, liability, obligation, pecuniary due, sum owing, that which is owed
Associated concepts: debit agent, debit and credit system, debit life insurance
Foreign phrases: Perjuri sunt qui servatis verbis juramenti decipiunt aures eorum qui accipiunt.They are perjured, who, by preserving the words of an oath, deceive the ears of those who receive it. Non decipitur qui scit se decipi. A person is not deceived who knows she is being deceived. Fraus et dolus nemini patrocinari debent. Fraud and deeeit should not excuse anyone.

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See also: arrears, charge, cost, debt, due, expense, liability, obligation

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DEBIT, accounts, commerce. A term used in bookkeeping, to express the left- hand page of the ledger, to which are carried all the articles supplied or paid on the subject of an account, or that are charged to that account. It also signifies the balance of an account.