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Debits and credits occur simultaneously in every financial transaction in double-entry bookkeeping. In the accounting equation—Assets = Liabilities + Equity—if an asset account increases (a debit), then either another asset account must decrease (a credit), or a liability or equity account must increase (a credit).

Answer:

Debits and credits are essential to the double entry system. In accounting, a debit refers to an entry on the left side of an account ledger, and credit refers to an entry on the right side of an account ledger. To be in balance, the total of debits and credits for a transaction must be equal.

Explanation:

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