Debits and Credits? What do they Mean?

Accounting Basics

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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