Question

What is the meaning of debit and credit?​

Answer 1

Answer:

Debit: A debit increases asset or expense account and decreases liability revenue or quality accounts.

Credit: A credit is always positioned on the right side of an entry. It increases liability, revenue or equity accounts and decreases asset or expense accounts.....

Answer 2

Answer:

A debit increases asset or expense accounts, and decreases liability, revenue or equity accounts. A credit is always positioned on the right side of an entry. It increases liability, revenue or equity accounts and decreases asset or expense accounts.