For some, the words debit and credit may sound foreign. It's one way of describing today's double-entry accounting system. When accountants record a business transaction, it is recorded in at least two accounts One account will receive a "debit" entry and another account will receive a "credit" entry.
What is an account? To keep a company's financial data organized, accountants developed a system that sorts transactions into records called "accounts". Because every business transaction affects at least two accounts, our accounting system is known as a double-entry system. This is the basics of recording an entry. Some journal entry's can have more than two lines but in the end they must balance.
Source: Accounting Coach
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