Editing Difference between Credit and Debit
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Business transactions are events that have a monetary impact on the financial statements of an organization. A debit is an accounting entry that either increases an asset or increases an expense or decreases a liability or equity account. A credit is an accounting entry that either increases a liability or equity account or decreases an asset or an expense. Debits and credits are used to monitor incoming or outgoing money in your business account. Debit is the money going out of the account while credit is money coming into the account. | Business transactions are events that have a monetary impact on the financial statements of an organization. A debit is an accounting entry that either increases an asset or increases an expense or decreases a liability or equity account. A credit is an accounting entry that either increases a liability or equity account or decreases an asset or an expense. Debits and credits are used to monitor incoming or outgoing money in your business account. Debit is the money going out of the account while credit is money coming into the account. | ||