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What is a Debit?
A debit transaction indicates an asset or expense transaction and can be used to reduce a credit balance or increase a debit balance.
In double-entry bookkeeping, debits and credits are kept in separate columns allows for each to be recorded independently from the other minimizing mistakes.
An account has either a credit or debit balance, or has no balance at all.
The 'debit' term comes from the Middle French word 'debet' and the latin word 'debitum' which means 'that which is owed'.
Debit and Credit Principle
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