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Debit

DEBIT

A sum charged as due or owing. An entry made on the asset side of a ledger or account. The term is used in bookkeeping to denote the left side of the ledger, or the charging of a person or an account with all that is supplied to or paid out for that person or for the subject of the account. Also, the balance of an account where it is shown that something remains due to the party keeping the account.

As a noun, an entry on the left-hand side of an account. As a verb, to make an entry on the left-hand side of an account. A term used in accounting or bookkeeping that results in an increase to an asset and an expense account and a decrease to a liability, revenue, or owner'sequityaccount.

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debit

deb·it / ˈdebit/ • n. an entry recording an amount owed, listed on the left-hand side or column of an account. The opposite of credit. ∎  a payment made or owed. • v. (deb·it·ed , deb·it·ing ) [tr.] (usu. be debited) (of a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or goods. ∎  remove an amount of money from (a bank account). PHRASES: on the debit side as an unsatisfactory aspect of the situation: on the debit side, they predict a rise in book prices.

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debit

debit †debt XV; entry of a sum owing XVIII. — L. dēbitum DEBT; in the later sense — F. débit.

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