- an entry on the left side of an account. As a verb, to make an entry on the left side of an account. Under the double entry bookkeepingsystem, debits increase assets and expenses and decrease liabilities, equity, and revenues.
- to enteror posta debit.
bookkeeping entry on the left-hand side of a balance sheet. A debit transaction increases an asset account or an expense, and decreases a liability, equity account, or revenue account.
Accounting: entries on the left side of the general ledger. Debits include the acquisition cost of assets and amounts of deductible expenses.
Real estate: in a closing statement, item that is charged to a party. For example, the buyer is charged with these typical debits: purchase price, taxes prepaid by the seller, and deed recording fees. Debits charged to the seller include cost to retire the existing mortgage principal, accrued interest on the mortgage being relieved, and a termite inspection fee. See also credit.
in insurance, debit agents list of total premiums to be collected. This also applies to the geographical area in which an agent collects the premiums.
in a closing statement (settlement), an item that is charged to a party. Contrast with credit.
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