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Pie
2 years ago
12

I wanna know about debit and credit full explanation ​

Business
2 answers:
BigorU [14]2 years ago
7 0

Answer:

Explanation:

A debit is an entry made in an account. It either increases an asset or expense account or decreases equity, liability, or revenue accounts.

A credit is an entry  alsom made in an account. It either increases equity, liability, or revenue accounts or decreases an asset or expense account.

mihalych1998 [28]2 years ago
5 0

Answer:

CREDIT vs. DEBIT

Explanation:

<em><u>Debit</u></em> :- A debit is an accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet ... For instance , if a firm takes out a loan to purchase equipment , it would debit fixed assets and at the same time credit a liabilities account , depending on the nature of the loan .

<em><u>Credit</u></em> :- Generally defined as a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date—generally with interest .

<em>Main </em><em><u>Difference</u></em><em><u> </u></em>:- When you use a debit card, the funds for the amount of your purchase are taken from your checking account in almost real time . When you use a credit card , the amount will be charged to your line of credit , meaning you will pay the bill at a later date , which also gives you more time to pay .

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