Question

I wanna know about debit and credit full explanation ​

Answer 1

CREDIT vs. DEBIT

Step-by-step explanation:

Debit :- 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 .

Credit :- 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 .

Main Difference :- 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 .

Answer 2

Step-by-step 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.