Asked by
Michael Clemente
on Dec 16, 2024Verified
A debit is abbreviated as Db and a credit is abbreviated as Cr.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account, on a company's balance sheet.
Credit
A bookkeeping record that raises either liabilities or equity or lowers an asset or expense.
Abbreviated
Refers to shortened or condensed forms of words, terms, or documents, often used to save space or time.
- Gain insight into the roles of debits and credits in influencing account balances.
Verified Answer
SA
Learning Objectives
- Gain insight into the roles of debits and credits in influencing account balances.