prompt\nin double - entry accounting, what is the difference between debits and credits?\nread more >>

Brief Explanations:

In double - entry accounting, debits and credits are used to record financial transactions. Debits are entries on the left side of an account. They increase asset and expense accounts and decrease liability, equity, and revenue accounts. Credits are entries on the right side of an account. They increase liability, equity, and revenue accounts and decrease asset and expense accounts. The key is that for every debit, there must be an equal credit (the accounting equation: Assets = Liabilities + Equity must hold).

Answer:

Debits are left - side entries (increase assets/expenses, decrease liabilities/equity/revenue), credits are right - side entries (increase liabilities/equity/revenue, decrease assets/expenses) and they must balance for each transaction.