Question

define in lame man terms: credit and debit

Answer 1

The words debit and credit have distinct meanings in accounting. Debits increase an asset or decrease a liability, while credits decrease an asset or increase a liability. Track debits on the left, and credits on the right, of your balance sheet.

Answer 2

Hey Mate !

The words debit and credit have distinct meanings in accounting. Debits increase an asset or decrease a liability, while credits decrease an asset or increase a liability. Track debits on the left, and credits on the right, of your balance sheet.

Hope it helps u !