1

debit

play
verb deb·it \ ˈde-bət \
Updated on: 26 Jul 2017

Definition of debit

transitive verb
:to enter upon the debit side of an account :charge with a debit

Examples of debit in a Sentence

  1. The bank mistakenly debited my account $200!

  2. Your account will automatically be debited for the amount of your insurance bill every month.

Recent Examples of debit from the Web

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'debit.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of debit

1668


2

debit

noun

Definition of debit

1 a :a record of an indebtedness; specifically :an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account
b :the sum of the items entered as debits
2 :a charge against a bank deposit account

Examples of debit in a Sentence

  1. I forgot to enter some of the debits in my bank account register.

  2. The account's credits were added and the debits subtracted.

  3. a $30 debit for groceries

Recent Examples of debit from the Web

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'debit.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

Origin and Etymology of debit

Latin debitum debt


Financial Definition of DEBIT

debit

What It Is

A debit is an accounting record that represents either an increase in assets or a decrease in liabilities or net worth. A debit is the opposite of a credit.

How It Works

For example, let's say that Company XYZ sells $1,000,000 worth of widgets to John Doe for cash. On the balance sheet, the accountants would debit cash by $1,000,000 (that is, increase cash) and credit inventory by $1,000,000.

Why It Matters

In accounting terms, "debit" and "credit" confuse most people, and it is usually clearer (and safer) to indicate which accounts increase or decrease. However, any financial professional should know the terms.

Debits and credits reflect the double-entry bookkeeping method. This involves making at least two recording entries for every transaction: a debit in one account and a credit in another account. The method helps prevent errors because the sum of the debits should equal the sum of the credits.



DEBIT Defined for English Language Learners

debit

play
verb

Definition of debit for English Language Learners

  • : to take money from (an account)


debit

noun

Definition of debit for English Language Learners

  • : an amount of money that is taken from an account


DEBIT Defined for Kids

1

debit

play
verb deb·it \ ˈde-bət \

Definition of debit for Students

debited; debiting
:to record as money paid out or as a debt
  • The amount was debited on my bank statement.

2

debit

noun

Definition of debit for Students

:an entry in a business record showing money paid out or owed


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