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LeoGlossary: Debit
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This is a function of accounting where the ledger is altered based upon the impact of transactions. A debit cannot operate without a credit and vice versa. Debits and credits must always equal out.
On the balance sheet, debits are always on the left whereas credits are recorded on the right.
Debits increase asset or expense accounts while reducing liabilities.
From the overall balance sheet perspective:
Debits = more assets, less liability and equity
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