Debit Entry for Dummies
noun
What does Debit Entry really mean?
Hey there! So, "debit entry" might sound kind of complicated, but don't worry, I'm here to help break it down for you.
Okay, so when we talk about "debit entry," we're basically talking about a way of recording or showing that money has been added to an account or taken out of an account. You can think of it like keeping track of how much money you have in your piggy bank. When you put money into the piggy bank, you're making a "debit entry" to show that more money has been added.
In the world of accounting or banking, a "debit entry" is used to show an increase in an asset account or a decrease in a liability or equity account. It's kind of like adding more coins to your piggy bank or taking some coins out to spend.
So, to sum it up, a "debit entry" is just a way of keeping track of how much money is coming in or going out of an account. It's like keeping a record of your piggy bank to make sure you know exactly how much money you have.
I hope that makes sense! Let me know if you have any more questions.
Okay, so when we talk about "debit entry," we're basically talking about a way of recording or showing that money has been added to an account or taken out of an account. You can think of it like keeping track of how much money you have in your piggy bank. When you put money into the piggy bank, you're making a "debit entry" to show that more money has been added.
In the world of accounting or banking, a "debit entry" is used to show an increase in an asset account or a decrease in a liability or equity account. It's kind of like adding more coins to your piggy bank or taking some coins out to spend.
So, to sum it up, a "debit entry" is just a way of keeping track of how much money is coming in or going out of an account. It's like keeping a record of your piggy bank to make sure you know exactly how much money you have.
I hope that makes sense! Let me know if you have any more questions.
Revised and Fact checked by David Williams on 2023-11-15 05:55:27
Debit Entry In a sentece
Learn how to use Debit Entry inside a sentece
- When you withdraw money from the ATM, a debit entry is made in your bank account to show that the money has been taken out.
- If you use your debit card to pay for groceries, a debit entry will be recorded in your bank statement to deduct the amount from your account.
- If you return a purchase and receive a refund, a debit entry will be made in the store's accounting system to reduce the amount of sales made.
- When you pay your utility bill online, a debit entry will be processed in your bank account to show that the money has been deducted for the payment.
- If you transfer money from your checking account to your savings account, a debit entry will be made in your checking account to decrease the balance and a credit entry will be made in your savings account to increase the balance.
Debit Entry Synonyms
Words that can be interchanged for the original word in the same context.
Debit Entry Hypernyms
Words that are more generic than the original word.