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In the laboratory observation method,
Debit
An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.
Credit
An accounting entry that increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote the addition of funds to an account.
Credit Side
The right side of an accounting ledger, used for recording increases in liabilities, equity, and revenue, and decreases in assets and expenses.
Debit Side
The left side of a ledger account that records increases in assets and expenses or decreases in liabilities and equity.
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