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Debit is an accounting and bookkeeping term that comes from the Latin word debere which means "to owe." The opposite of a debit is a credit. Debit is abbreviated Dr while credit is abbreviated Cr. Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... Latin is the language originally spoken in the region around Rome called Latium. ... The term credit can have several meanings in different contexts. ...

A debit changes the balance of an account. Asset and expense accounts increase in value when debited, whereas liability, capital, and revenue accounts decrease in value when debited. This distinction is somewhat counterintuitive, until the nature of those accounts is more closely scrutinized. For example, revenue is coded as a credit. After recording a day's sales, the company will have credited a certain amount in revenue, and since credits are negative numbers, the balance grows more and more negative (further away from zero on the number line in the negative direction). An adjustment to revenue would need to be a debit, because its purpose is to bring the revenue totals closer to zero. It has been suggested that Definiton of asset be merged into this article or section. ... In accounting, an expense is a general term for an outgoing payment made by a business or individual. ... In the most general sense, a liability is anything that is a hinderance, or puts one at a disadvantage. ... In politics a capital (also called capital city or political capital — although the latter phrase has an alternative meaning based on an alternative meaning of capital) is the principal city or town associated with its government. ... For the tax agency in the UK of the same name , see HM Revenue and Customs. ... 0 (zero) or nought is both a number and a numeral. ... A number line is a one-dimensional graph. ...

For instance, the journal entry for paying the telephone bill might look like this: A journal (through French from late Latin diurnalis, daily) is a daily record of events or business. ... This article needs to be cleaned up to conform to a higher standard of quality. ... A bill can be one of: in American English, paper documents used as currency (notes in British English): see Banknote. ...

The telephone company would record the exact same transaction (from their side) like this:

Many people who have no formal education in Accounting often assume that a debit decreases a balance because use of a bank's debit card decreases the balance in the customer's account. However, it is called a debit card because, from the bank's perspective the customer's account is a liability. By withdrawing money, the customer is decreasing the bank's liability. Since liability accounts normally have a credit balance, the withdrawal of cash from a banking account is reflected on the bank's balance sheet as a debit. Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. ... This article needs to be cleaned up to conform to a higher standard of quality. ... In formal bookkeeping and accounting, a balance sheet is a statement of the financial value (or worth) of a business or other organisation (or person) at a particular date, usually at the end of its fiscal year, as distinct from a profit and loss statement (P&L, also known as...