According to bookkeeping General Accepted Accounting Principles (GAAP), debit and credit refer to type of account and entries to accounts.
Entries to the left side of the an account are debits (DR), and accounts with left sided balances (asset accounts and expense accounts) are debit accounts. Entries to the right side of the an account are credits (CR), and accounts with right sided balances (liability accounts, owners’ equity accounts, and revenue and profit accounts) are credit accounts.
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