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Difference between debit and credit in accounting?
A debit is money paid out or a loss, a credit in income or a gain.
Is a refund a debit or credit in accounting?
debit
What is the abbreviation for the word Debit in accounting?
Debit is seen as Dr in accounting. Credit is Cr. They stand for Debit Record and Credit Record.
What is the difference between a credit memorandum and a debit memorandum?
A Debit Memo is a over payment A Credit Memo is a over payment
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
