Definition
An entry on the right side of a T-account. Increases liabilities, equity, and revenues; decreases assets and expenses. Think of it as the "right" thing for those account types.
C
Credit
Related Terms
Debit
An entry on the left side of a T-account. Increases assets and expenses; decreases liabilities, equity, and revenues.
Double-Entry Accounting
The foundation of accounting: every transaction affects at least two accounts, and total debits always equal total credits. It keeps the accounting equation in balance.
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