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What is debit and credit defined by accounting or the GAAP?


dontsend me to another website, explain with your own words

538 day(s) ago

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BruinCPA 		DEBIT
a. An item of debt as recorded in an account.
b. The left-hand side of an account or accounting ledger where bookkeeping entries are made.
c. An entry of a sum in the left-hand side of an account.
d. The sum of such entries.

CREDIT
a. The deduction of a payment made by a debtor from an amount due.
b. The right-hand side of an account on which such amounts are entered.
c. An entry or the sum of the entries on this side.
d. The positive balance or amount remaining in a person's account.
e. A credit line.

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