In consumer banking, a debit is a transaction that deducts money from your account. A credit is a transaction that adds funds to your account.
In accounting,
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.[1]
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