BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -When your bank account is debited, money is taken out of the account. The opposite of a debit is a credit, in which case money is added to your account. Your account is debited in many instances.

Detailed explanation-2: -A bank debit occurs when a bank customer uses the funds in their account, therefore reducing their account balance. Bank debits can be the result of check payments, honored drafts, the withdrawal of funds from an account at a bank branch or via ATM, or the use of a debit card for merchant payments.

Detailed explanation-3: -Debit cards take money out of your checking account immediately. Debit cards let you get cash quickly. You can use your debit card at an automated teller machine, or ATM, to get money from your checking account. You also can get cash back when you use a debit card to buy something at a store.

Detailed explanation-4: -Debits increase asset, expense, and dividend accounts, while credits decrease them. Credits increase liability, revenue, and equity accounts, while debits decrease them.

Detailed explanation-5: -Cash Contribution The cash account is debited because cash is deposited in the company’s bank account. Cash is an asset account on the balance sheet. The credit side of the entry is to the owners’ equity account.