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Journal Entries: Debits and Credits definitions

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  • Transaction
    An event involving the exchange of value between accounts, impacting at least two accounts in the accounting records.
  • Debit
    An entry on the left side of an account, used to increase assets and expenses or decrease liabilities, equity, and revenue.
  • Credit
    An entry on the right side of an account, used to increase liabilities, equity, and revenue or decrease assets and expenses.
  • Asset
    A resource owned by a company, such as cash or land, that provides future economic benefit.
  • Liability
    An obligation or debt owed by a company to outsiders, representing claims against assets.
  • Equity
    The residual interest in the assets of a company after deducting liabilities; represents ownership.
  • Revenue
    Income earned from the sale of goods or services, increasing equity through credits.
  • Expense
    Costs incurred in the process of earning revenue, decreasing equity and increased by debits.
  • Account
    A record used to track increases and decreases in specific assets, liabilities, equity, revenue, or expenses.
  • Accounts Receivable
    A type of asset representing amounts owed to a company by customers for goods or services provided.
  • Accounts Payable
    A liability account showing amounts a company owes to suppliers or creditors for purchases made on credit.
  • Retained Earnings
    Cumulative net income of a company that has been kept rather than distributed to shareholders.
  • Investment Account
    An account used to record the value of investments held by a company, such as stocks or bonds.
  • Journal Entry
    A formal record of a transaction, showing which accounts are debited and credited and by what amounts.
  • Double-Entry System
    An accounting method where every transaction affects at least two accounts, ensuring debits equal credits.