What's the diffeent between debit and credit
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What's the diffeent between debit and credit
They are the exact opposites. A debit is taken out a credit is put in.
Scott is only partially correct.
They are indeed exact opposites.
Bus a debit can be putting something in and a credit can be taking something out.
On the assets sides, debt = increase and credit = decrease while on the liability/owner's equity side, it is reverse.
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