Debits and credits in accounting represent increases and decreases in different types of accounts, with debits on the left and credits on the right. Debit cards and credit cards work differently in terms of fund transactions.
Debits increase an asset or expense account or decrease a liability or net assets account, recorded on the left side, while credits increase a liability or net assets account or decrease an asset or expense account, recorded on the right side. Debits and credits must always balance in accounting. Debit cards transfer funds directly from a checkable account, while credit cards involve borrowing money to make purchases.
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