In accounting, debit means to raise the balance of an asset account or to lower the balance of a liability or equity account.
The common sense definition is "to lower," but accounting is not common sensical. In the T-format of entering amounts into different accounts, debit is the left-hand side. For asset accounts, "debit" means an increase in the balance.
Related Fool Articles
Related Community Blogs
Recent Mentions on Fool.com
- Is a Post Office Bank the Answer To Payday Lending?
- Tired of ATM Fees? Your Brokerage - Not Your Bank - May Be the Best Place To Turn To
- Is This What Apple, Inc.'s Payments Service Will Be Called?
- After AIG Settlement, Bank of America Corp Has Only 2 Major Legal Cases Remaining
- The Only Reason I Don't Own Visa Inc or MasterCard Inc
- U.S. Bancorp Tops Analyst Expectations as It Reports Record Net Income