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Debt means an action, state of mind, or object one has an obligation to perform for another, adopt toward another, or give to another when used as a noun. Debit means in bookkeeping, an entry in the left hand column of an account when used as a noun. A good way to remember the difference is COME UP WITH SOMETHING HERE.What does debit mean in accounting terms?
Debit is used in accounting where either the assets are increased or the liabilities are decreased. For most people, a debit shows up in their bank accounts as money having gone out, or an expense, while a credit represents money coming in. Debits are used in double-entry accounting systems, where every business transaction involves two accounts.What is the definition of debit?
The definition of a debit is a payment made, or a payment owed. When money is taken out of your checking account to make a payment, this is an example of a debit.