Definition

Noun: 1. An accounting entry acknowledging sums that are owing: A debit entry is a record made in an accounting system to represent an increase in an asset or expense account, or a decrease in a liability, equity, or revenue account. In double-entry bookkeeping, it is the left-side entry that balances a corresponding credit entry.

Usage

A "debit entry" is used in formal accounting and bookkeeping contexts. It is a specific technical term for recording a transaction. - It is typically used as a countable noun (e.g., "make a debit entry," "the debit entry was recorded"). - It often appears in discussions of accounting principles, financial statements, and transaction recording.

Examples

• Noun:
  • The accountant made a debit entry to the equipment account for the new purchase.
  • Every debit entry must have a corresponding and equal credit entry.
  • Please verify the debit entry in the ledger before closing the books.

Advanced Usage

• "To post a debit entry": The formal act of recording the debit in the accounting ledger.
  • The clerk will post the debit entry to the correct expense account.
• "Debit entry side": Refers to the left side of a T-account or ledger where debit entries are recorded.
  • All asset increases are recorded on the debit entry side.

Variants and Related Words

• Debit (n/v): The more general term. As a noun, it can refer to the entry itself or the recorded amount. As a verb, it means to make such an entry (e.g., ).
  • We will debit your account for the service fee.
• Debit memorandum (Debit memo): A document issued to notify of a debit entry made to an account, often used in banking or between businesses.
  • The bank sent a debit memo explaining the service charge.

Synonyms

• Charge entry: (Less common) An entry recording a charge or debt.
• Debit record: A record of a debit transaction.

Antonyms

• Credit entry: An accounting entry that increases a liability, equity, or revenue account, or decreases an asset or expense account. It is the balancing counterpart to a debit entry.

Noun

1. an accounting entry acknowledging sums that are owing