This an assignment focus on Debits and Credits. Debit is an entry in the financial books of a firm that increases an asset or an expense or an entry that decreases a liability, owner’s equity (capital) or income. Credit is an entry in the financial books of a firm that increases a liability, owner’s equity (capital) or revenue, or an entry that decreases an asset or an expense. Here also briefly focus on rules for determining Debit and Credit.
Definition and Description on Debits and Credits
