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A cash sale is recorded as debit on the cash account and as credit on the sales account.
A sum of money taken out of a bank account. Thus called, because in bank's bookkeeping a cash withdrawal diminishes the amount of money held on the account, i.e. bank's debt to the customer.
debit (third-person singular simple presentdebits, present participledebiting, simple past and past participledebited)
To make an entry on the debit side of an account.
1962 October, “The Victoria Line”, in Modern Railways, page 217:
The economist also observed that some of the Victoria Line's cost should be debited to existing lines, as they would benefit from the rebuilding of their interchange stations with the new tube.
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A sum of money taken out of a bank account. Thus called, because in bank's bookkeeping a cash withdrawal diminishes the amount of money held on the account, i.e. bank's debt to the customer.
(accounting)receivable: a debt owed, usually to a business, from the perspective of that business.