Most people know debit and credit outside the context of bookkeeping.
Bank cards, for instance, are commonly used almost by everyone. There are debit and credit payment cards. The former allows us to spend money directly from our current account; credit cards, on the other hand, offer an opportunity to use a bank credit line, thus giving a free hand to spend borrowed money. Debit in this context is the money received from the bank account, and credit is the money available on a bank loan.
Debit and credit are also commonly known through the bank statement where the write-off amounts are specified in the debit column, and the charged amounts are indicated in the credit one.
Nevertheless, bookkeeping double entry implies a different role and idea of debit and credit.
For you to use debit and credit to trace economic operations under various types of business accounting records, you...