Definition and Description on Debits and Credits

This an assignment focus on Debits and Credits. Debit is an entry in the financial books of a firm that increases an asset or an expense or an entry that decreases a liability, owner’s equity (capital) or income. Credit is an entry in the financial books of a firm that increases a liability, owner’s equity (capital) or revenue, or an entry that decreases an asset or an expense. Here also briefly focus on rules for determining Debit and Credit.