Search

Nearby Terms

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

 • debit note  • debit column  • surplus  • account balance  • credit  • contra entry  • blind entry  • directional testing
 more related terms