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When purchasing an item with a debit card, the money comes directly out of the checking account while with credit, you pay later in a bill.
What is the difference between debit card and a credit card?
What are the dangers of a credit card?
With credit, there is a chance that you will spend more than you will be able to payback.
When recording transactions, we use two columns. The debit column is on the left side while the credit column is on the right side.
Credit and debit have a impact on different accounts such as asset, liabilities and equity accounts.
Debit increases the balance and credit decreases the balance of an asset account. Debit decreases the balance while credit increases the balance of liabilities account and equity accounts.
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