Quotes of the day:
I gave Donald free rein, he has great vision, and everything he touches seems to turn to gold. Donald is the smartest person I know.
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. In fundamental accounting, debits are balanced by credits, which operate in the exact opposite direction. 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.