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LSDefine

Simple English definitions for legal terms

debit

Read a random definition: articulo mortis

A quick definition of debit:

Debit: When you owe money or something is taken away from what you have, it is called a debit. In bookkeeping, it is when you write down an increase in what you own or a decrease in what you owe on the left side of a book. If you have a debit balance, it means you still owe money.

A more thorough explanation:

Definition: Debit refers to a sum of money that is owed or due. In bookkeeping, it is an entry made on the left side of a ledger or account, indicating an increase in assets or a decrease in liabilities. It can also refer to an account balance that shows that something is still owed to the account holder.

  • When you use your debit card to buy groceries, the money is immediately deducted from your bank account.
  • If a company purchases new equipment, they would debit the amount from their cash account and credit the amount to their equipment account.
  • If you have a credit card balance of $500, but you make a payment of $200, your remaining balance would be debited as $300.

These examples illustrate how debit is used in different contexts. In the first example, the use of a debit card results in an immediate deduction of funds from the account. In the second example, a company uses a debit entry to record the purchase of new equipment. In the third example, a payment is made towards a credit card balance, resulting in a debit entry for the remaining balance.

de bigamis | debita fundi

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11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
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