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How do debit and credit differ in accounting?
Can you give me an example of a debit and a credit transaction?
Sure! Let's say a business purchases a new computer for $1000. To record this transaction, the business would debit the computer asset account $1000 because they bought an asset. They would also need to credit the account they paid with, such as cash or accounts payable, for $1000 to balance the journal entry.