What Are the Differences Between a Debit and a Credit in Accounting?

In accounting, debits and credits are fundamental concepts used to record financial transactions. A debit increases assets or expenses and decreases liabilities or equity, while a credit increases liabilities or equity and decreases assets or expenses. Balancing these entries is essential for accurate bookkeeping. If accounting concepts feel overwhelming, Collegly.com provides affordable tutoring to help you master the basics and excel in your studies. Check out Collegly.com for personalized assistance.