Debit
/ˈdɛbɪt/
Definitions
2 meaningsAn entry in an account, recording an amount owed. It increases assets and expenses, and decreases liabilities, owner's equity, and revenues.
/ˈdɛbɪt/
An entry recording a sum owed.
The debit for the purchase was automatically deducted from my account.
💡 Simply: Imagine you're keeping track of money. A debit is like writing down how much money you've *spent* or *owe* someone. For example, if you buy a toy, the toy shop will debit your bank account.
👶 For kids: When you spend money, that's like a debit. It's like a 'minus' sign in your money account.
More Examples
The accountant carefully reviewed each debit and credit in the financial statement.
How It's Used
"The debit was recorded in the ledger."
"Each purchase made with the company credit card will result in a debit."
To record an amount in the debit side of an account.
/ˈdɛbɪt/
To record a debit entry.
The bank debited my account for the monthly service fee.
💡 Simply: When you debit something, you're taking money *out* of an account. For example, the bank will debit your account if you use a debit card.
👶 For kids: To debit means to take money away from your money box or bank account.
More Examples
The company debited the cost of supplies to the expenses account.
The system automatically debits payments from the customers accounts
How It's Used
"The bank will debit your account for the monthly fee."
"The accountant debited the expense to the appropriate account."
Idioms & expressions
debit card
A card used to make payments directly from a bank account.
"I used my debit card to pay for groceries."
From Latin *debitum*, past participle of *debēre* 'to owe', meaning something owed or charged.
Historically used in accounting to track money owed.
Memory tip
Think of a 'debt' – money owed goes on the debit side.