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debit

definition

A journal entry recording a subtraction from assets. With cash basis accounting, debits are recorded when a debt or other obligation is paid. With accrual basis accounting, debits are recorded and recognized when a debt or other obligation becomes owed. Compare to Credit.

Related Terms

 • compound journal entry  • T account  • calls in arrear  • deficit  • contra  • blind entry  • debit side  • debit entry
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