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
- 3 Reasons Why You'll Love Discover Financial Services
- A Buy Button? Is Facebook, Inc. Aiming to Compete With Amazon?
- Social Security: Can My Benefits Be Seized by Collectors?
- MasterCard Stock: Is the Competitive Advantage Sustainable?
- Customers Agree: Bank of America Needs Better Customer Service
- The Markets Misunderstand Visa -- Again